Estate agent figures published at the end of July revealed that prices have continued to edge backwards in the last month. According to the latest National Housing Survey, average prices dropped by 0.1%, resulting in a 3.9% fall from July 2010.
There was some brighter news though as the number of agreed sales rose sharply for the second consecutive month with volumes having increased by 9.6% in July, this following a jump of 10.7% in June. The extent of the improvement in demand over the last 6 months has come as something of a surpise to many but it has been in part due to the pent-up demand slowly feeding back into the market with high volumes of buyers having sat on their hands since the downturn started in 2008. The sales hike can be put down to sellers and buyers becoming more accepting of realistic pricing.
This increase in demand means there are unlikely to be any major moves in house prices for the remainder of the year.