prices

House price growth stalls in southern England



Home sellers in southern England are accepting larger discounts on their asking prices to achieve a sale, according to the latest research.


The Hometrack UK cities house price index has revealed that sellers in the Midlands, northern regions and Scotland were seeing the gap between asking and sales prices decline.

In the South of England, the greatest discounts were in London, Oxford and Cambridge (up to 4.7% on average), but the gap was also starting to increase in Bristol, Portsmouth and Southampton as affordability pressures rise.

Overall, the increase in city house prices has slowed to +4.9% in April, with average values in London increasing by just 0.8% over the last 12 months.

“The overall pace of overall city level growth has lost momentum as a result of virtually static prices in London and slower growth across southern England,” said Richard Donnell, insight director at Hometrack.

“Weaker consumer confidence and modest increase in mortgage rates are also impacting demand and mortgage approvals for home purchase have drifted lower in the last quarter.”



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