It’s becoming increasingly difficult to sell a property in the UK, especially in those regions undergoing a price correction, according to the June 2019 Home.co.uk Asking Price Index. Prices appear to be reaching their peak in several regions, and price-cutting looks inevitable as properties spend longer and longer on the market. Only Wales, currently the UK’s best-performing region, has so far escaped the slowdown. Overall, properties in the principality are spending no longer on the market than they were a year ago although in Cardiff, the slowdown may be just beginning as indicated by a 4% rise in the Typical Time on Market.
The UK’s next best-performing region in terms of price inflation is the West Midlands but with Time on the Market increasing rapidly (up 15% year-on-year), with the same trend showing for all other English regions and Scotland.
Overall, annualised price growth in England and Wales is sliding further into the red, -0.6%, despite a seasonal month-on-month rise of 0.3%. London’s annualised losses have slowed slightly from -2.9% to -2.6%, while asking price falls in the South East remain at -2.4% compared to a year ago. In the East of England, annual price falls have accelerated to -3.6%, according to the Index.