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UK property prices down 0.1 per cent

New figures have highlighted a 0.1 per cent dip in the average value of homes across the UK during September, marking a third consecutive month of declines in the sector.

According to the latest Monthly National Housing Survey from Hometrack, a 3.6 per cent downturn was witnessed in the number of new-buyer registrations with agents across the UK, while the number of property listings fell by 0.9 per cent during the month.

Meanwhile, the average time that listed properties are remaining on the open market before sale rose from 9.5 weeks in August to 9.9 weeks in September.

Furthermore, 93 per cent of properties are achieving their asking price at sale - a result that remained constant from the previous month, but down from 93.1 per cent of sales in July 2012.

However, this is a nationwide figure and there is now evidence of a growing gap between the north and south of England in terms of property owners achieving their asking prices.

Richard Donnell, director of research at Hometrack, commented: "While the government's Funding for Lending scheme is likely to support a modest increase in mortgage lending, the uncertain economic outlook, together with affordability pressures, will continue to act as a drag on housing market activity. 

"Pricing will remain under slow downward pressure but supply is already starting to tighten and this will limit the scale of price falls in the short term."

The news follows last month's announcement from the Homes and Communities Agency regarding the launch of the second stage of the government's Get Britain Building programme.

Designed to provide a significant boost to the country's ailing construction sector, the scheme has now been opened up to smaller developments of 15 homes or more.

To date, 105 applications have been made by developers for inclusion in this latest round of funding. 

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