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TODAY'S OTHER NEWS

Here they are - the four regions where housing market slowdown is worst

The property website Home has identified the four regions of the UK where it says the current market slowdown is at its worst.

Home analyses around 500,000 UK property house prices and says this represents the majority of the property for sale on the open market at any given time.

Using these figures it calculates the Typical Time on Market - and this is what shows the worst regions, which are the East of England (where Typical Time on Market has worsened by 14 per cent in the past year), the East Midlands (+13 per cent), the South West (+12 per cent ) and the West Midlands (11 per cent up year-on-year).

Overall Typical Time on Market across the UK is 93 days, nine days longer than in August 2018, making it the slowest August since 2013.

Looking at the market in the round, Home suggests that house prices are staying firm despite the ongoing political and economic uncertainty. 

Partly this is thanks to continued low interest rates and a long-term dip in supply volumes, but also because there is no sign of panic selling or significant numbers of forced sales. 

“The price correction in London that has proceeded steadily during the last three years appears to be complete. Both supply and residual stock levels have reduced and this has cleared the way forward towards more normal market conditions. Some momentum has already returned and we expect price growth to return next year” says Home.

However, the East, South East and South West are all undergoing price corrections.

Annualised asking price growth across England and Wales remains in the red, down 0.2 per cent year on year according to this month’s analysis.

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