House sales increase as prices continue to slip

House sales increase as prices continue to slip

June has seen a turnaround in the fortunes of the housing market, according to Hometrack, with sales agreed by agents in England and Wales up 10.6%, and the number of prospective purchasers registering with agents up 1.9%, compared with May.

However, average prices fell 0.1% in June and the number of properties languishing on agents’ books increased by 3.5%, following a 3% jump in May.

Looking across the first half of 2011, the housing intelligence firm reckons the market is holding up better than expected.

The value of the typical home has slipped back by 1% since the start of the year and is down 3.9% compared with a year earlier, but sales volumes have risen.

At a local level, the market remains highly polarized; supply has grown by a similar amount across all regions but expansion in demand has varied.

Currently the average time taken to sell a property ranges from six weeks in London to 14 weeks in Wales, Hometrack reports.