Rightmove says there are signs of greater balance between supply and demand, asking prices are at a virtual standstill and that market activity is falling because pent up' buyers have now purchased their homes after delaying during the downturn.
The average rise in new sellers' asking prices is just 0.1 per cent, the equivalent of £272 - well below the usual June average.
More regions have reported falls than rises and all of the fallers are in the north with the notable exception of London, which records a drop of 0.5 per cent. Though all regions have seen an increase in supply as more people decide to try to sell, the capital has seen a rush of new sellers.
The portal says that with the ebb in demand and the flow of extra properties, coinciding with what it calls the somewhat chaotic implementation of the new Mortgage Market Review, the conseuqence is that momentum has been taken out of the market.
While the legacy of rises in central London continues to ripple out to its better-value commuter-belt, fuelling price increases in all southern regions, London itself is now marking time says Mile Shipside, Rightmove's analyst.
Through luck or judgement it appears that the timing of the Mortgage Market Review, more property for sale in all regions, and a tail-off in pent-up buyer demand are alleviating some of the upwards price pressure he says.
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