House prices hold steady in June
- 00:00:59
- ITN
House prices hold steady in June
House prices have held steady for a second month as demand continues to outstrip the supply of properties on the market. The average cost of a home in England and Wales remained unchanged during the month at £155,600, according to housing intelligence group Hometrack. The annual rate at which house prices are declining also continued to ease, with property values 8.7 per cent lower year-on-year in June, down from a 9.6 per cent drop in May. The group said rising sales volumes, a dwindling supply of homes on the market and a continued increase in demand were all helping to underpin prices at their current level. Only 3 per cent of postcode areas saw price falls during month, down from 32 per cent in April and around 60 per cent at the beginning of the year. Richard Donnell, director of research at Hometrack, said: "A lack of supply and rising demand have combined to prop up house prices in the last two months. Over the last six months, the volume of buyers has grown by 36 per cent, this compares to a 6.4 per cent increase in the number of homes for sale."
ITN | June 29, 2009
