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Confidence in housing market falls with prices
Anxiety about the health of Britain's housing market will be rocked further today, with two new reports warning that both prices and consumer confidence are falling. Hometrack, the property analyst, said that house prices fell by 0.1 per cent in July, the first time it has registered a reduction for 15 months, while Rightmove, the online estate agency, saw a sharp fall in the number of people now expecting the property market to be higher in 12 months' time than today.
Hometrack's data, which reflects regular surveys of more than 5,000 estate agents and surveyors, shows that the biggest factor in the market's reversal was a notable fall in demand for housing over the month, with buyers down by 1.3 per cent on June.