Housing market ‘still topsy-turvy’

THE “topsy-turvy” nature of the housing market was in evidence yesterday, as official figures showed that prices edged up but sales slowed.

House prices increased by 0.3 per cent month-on-month in November to reach £161,490 across England and Wales, pushing them 0.9 per cent higher than a year earlier, the Land Registry said. But sales were more sluggish, with 57,971 transactions taking place between June and September 2012, representing a drop of about seven per cent on the same period in 2011.

Distractions such as the Olympics have been blamed for disrupting the housing market. There have been conflicting predictions for house prices this year, with some studies forecasting slight increases, and others saying prices will edge lower.

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Peter Rollings, of agent Marsh & Parsons, said: “Rising national house prices will provide cheer for homeowners who have seen their equity dwindle since the initial credit crunch, but the falling number of moves taking place highlights the topsy-turvy nature of last year’s housing market.”