Latest figures from property intelligence group Hometrack have shown that house prices remained unchanged throughout April with the average home in England and Wales still costing £153,100.
The group found that increased demand and a growth in sales had given some stability to the market but warned that consumer confidence is likely to weaken in the second half of 2011 with prices set to fall once again.
The Hometrack survey revealed regional variations with the market in London being stronger than in other parts of England and Wales with prices falling sharpest in the North East, Wales and the East Midlands. Throughout England and Wales as a whole prices rose in just 7.7% of postcodes but fell in 24% of areas. The survey also found that there had been a rise of 22% in the number of people looking to buy a home during the first four months of the year and that agreed sales had grown by 46%.
Richard Donnell, director of research at Hometrack, said: “The proportion of asking price achieved increased over February and March as levels of demand grew, but over April this measure has fallen back slightly to 92.6%, suggesting that while agents are still achieving sales, pricing levels are starting to come under pressure as would-be purchasers are presented with increased choice as supply grows.”
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