While the market has started to cool where buyer demand is concerned, home sellers are still rushing to list their homes, with this surplus of for sale stock likely to hasten the rate at which house prices are declining across the property market.
The latest UK House Price Index revealed that house prices hit a brick wall in September, with the monthly rate of growth stalling at 0%. At the same time, the level of buyers entering the market is also on the decline, with mortgage approvals falling by -3.8% in the last six months and -7.3% annually.