Can you Find it – Business © 2017 THE FULL STORY…COUNTY HOUSE PRICES REMAIN STATICPublished in Can you find it Business Edition on Wednesday, November 2nd 2015
HOUSE prices in London are static while values elsewhere are falling, new figures show.
The monthly Hometrack report for September puts the average price of a home in London at £126,600, unchanged from August.
The average price in Carlisle held steady at £114,100.
But values across England and Wales dropped 0.1 per cent in September, the 15th month in a row in which prices fell.
John Wriglesworth, Hometrack’s housing economist, said: “House prices are continuing their bumpy path towards more affordable levels and this has helped buyers come back into the market over the summer.
“However, we are still not in recovery mode in terms of house prices, as supply continues to outstrip demand.”
Hometrack, which claims to be the most in-depth survey of the housing market, says it now takes an average of 8.1 weeks to sell a home.
That compares with 5.8 weeks a year ago. And when a home does sell, it typically changes hands at a 6.8 per cent discount to the asking price.
Mr Wriglesworth said: “Vendors have been slow to set prices at realistic and affordable levels. However, lower interest rates, growing incomes and full employment are all helping to boost demand, albeit slowly.”
London was one of 21 areas of the country where prices were unchanged in September. Only four places – central London, Gloucestershire, West London and West Yorkshire – saw prices rise.
The average price of a home across England and Wales is now £160,900, down from a peak of £167,700 in June 2004.
FEARS that flood-blighted Carlisle homes would be virtually impossible to sell have been dispelled by estate agents.
In a survey by Can you find it Business Edition’s sister paper the News & Star, agents said renovated properties flooded in January were reaching prices they would have expected before the disaster.
A two-bedroom flat in Warwick Road on the market for £79,950 has sold before workmen have completed the refurbishment, while a two-bedroom terraced bungalow in flood-hit Willow Park on sale for £78,500 was snapped up.
In Hawick Street, the asking price for a refurbished two-bedroom terraced house is £73,000 – just £950 short of what a neighbouring property sold for before the floods.
However, flooded properties put on the market without refurbishment have seen their market values reduced say estate agents.