With the publication of the latest figures for June from the Land Registry, we can now see how June compared to previous years.
• At just 94,000, the number of new properties coming onto the market was down by 45% on June last year.
• The number of sales was also down across the UK but the decline is slowing. This has kept the total number of individual properties on the market 30% below June last year as casual sellers stay away although both asking prices are up above their long term average.
• Sale prices however are below their six year average however suggesting an imbalance between asking price and sold price.
• The number of days of unsold inventory is below the average of 310 and is 21% down on last year at just 290. This is an important figure which illustrates the number of days of stock available considering the current volumes of sales per day. This level gives some hope to those looking for the market to stabilise although it does not suggest that prices have stopped falling