A scarcity of housing is propping up house prices in England and Wales, with growth in demand strongest in southern England.
So says housing intelligence firm, Hometrack, as it reports that prices remained stable in June, for the second consecutive month.
The market is now showing an annual decline of 8.7%, having eased from 9.6% in May and the percentage of post codes registering a fall in prices declined to 3% in June, compared with 13% a month earlier and 32% in April.
The average asking price achieved stood at 91% (up from 90.3% in May) and the average property value remained constant at £155,600.
The research also shows that properties spent an average 9.4 weeks on the market in June, compared with 9.9 weeks a month earlier.
Hometrack points out the last 6 months have seen the volume of potential buyers increase by 36% alongside a mere 6.4% rise in the number of homes for sale.
According to the firm, increase in demand has demonstrated “a clear split between southern England and the rest of the country”.
The survey notes: “London and the South East have seen a respective 52% and 46% rise in demand over the first half of the year compared to a 19% increase in Wales and a 20% rise in the North East.”
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