Faltering consumer confidence fuelled by spending cuts brings seasonal slowdown forward
Demand for housing dropped by 4.3% in November - the fifth monthly fall in a row and the largest single monthly decline since January 2009.
According to Hometrack’s latest monthly survey the dip in housing demand has been caused by faltering consumer confidence fuelled by concerns about the economy. This has meant the seasonal slowdown has come a month early.
The survey, of over 5100 agents and surveyors, shows that the number of properties for sale in November fell by 0.4%. This is the first time in nine months that the survey has registered a fall in supply.
November registered the fifth consecutive monthly decline in house prices - down 0.8% compared with
a 0.9% fall in October.
The average time on the market rising to 9.8 weeks - the highest level for 17 months since May 2009.
Richard Donnell, director of research at Hometrack, said: “The seasonal slowdown in the housing market has kicked in a month early with demand for housing falling at the fastest rate for 20 months according to the latest housing market survey from Hometrack.
“This mirrors similarly weak data on levels of mortgage lending announced earlier this month.”
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