Property Prices Falling At Their Fastest Pace

Residential property prices in England and Wales fell in April at their fastest annual pace in 18 months and are likely to slip further this year over fears about the economic outlook, according to the latest report from Hometrack published on May the 2nd.

Richard Donnel, Hometrack research director states that the supply of housing continues to grow up, and the listings have increased by 5.2%, greater than the growth demand in March.

Continued expansion on new supply over the coming months could put pricing under further pressure. The second half of 2011 is likely to emerge as a new phase where rising supply will constrain any further improvement in pricing levels, he explained.

Weaker consumer confidence could result in a slowdown in demand which would exacerbate the pressure on prices, added Hometrack Research Director.

The buyers on the other hand seem to gained power as the seller house prices drop from 92.7% to 92.6% in only April, he said.

The report also shows that the number of new properties listed for sale rose in April by 5.5%, compared with 5.2% in the previous month. While new buyers registered with estate agents rose by 2.8% in April, down from March's 4.2% increase.

London, on the other hand, is facing upraised statistics, house prices show. Only in April, there was an increase of 0.3% shown in house prices. The rest of the UK continued to show the same declining trend, with north east on the top, showing a price decline of 0.4%.

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