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MONDAY 27TH JUNE 2005  UK HOUSE PRICES CONTINUE 12 MONTH SLUMP Property website Hometrack said the cost of property dropped by 0.2% during June, following three months of 0.1% falls. It said the average cost of a home in England and Wales was now £161,600 - £6,100 below its peak in June last year. Despite further house price falls this month, activity in the market is still increasing, albeit at a slower rate than last month. Sales agreed have risen just 3.5% compared with 7.6% in May’s survey. This slowing increase can be explained by a fall in the number of buyers coming on to the market of -0.1% (+2.2% in May’s survey). With fewer buyers and a continued increase in properties available, the resulting oversupply means that it is still a buyer’s market and prices will inevitably decrease again in the coming months. Buyers are able to negotiate slightly better discounts than during May, with properties selling for an average of 93.5% of their asking price, compared with 93.6% the previous month, as sellers continue to ask for unrealistic prices. John Wriglesworth, Hometrack's Housing Economist, said: "The market over the last few months has looked like it was about to come up for some fresh air, with house prices coming tantalisingly close to turning positive." "However June's price fall signals a stall in the road to recovery. More worrying is the drop in new home buyers, after four months of buyer growth." "Longer times to sell and higher discounts achieved from the asking price all point towards a weakening market." The amount of time it is taking to sell a house has increased to 7.6 weeks this month (7.4 weeks in May’s survey), whereas 12 months ago houses were taking just 4.2 weeks to sell. This is largely due to the simple fact that there is an oversupply of properties and buyers have a greater choice. Despite this, the average number of viewings has remained stable at 12.5. "The only good news is an upward trend in sales agreed, and a general expectation of lower interest rates before the end of the year. These should help boost confidence, and ensure price stability," said John Wriglesworth.

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