House prices stall in Kent

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Kent estate agents have not seen "any real increases" in house prices over the past three months, despite a national report saying they have marginally gone up.

The Halifax mortgage lender has reported prices were 0.5 per cent higher in the three months to July than the previous three months.

This is the first such increase in 14 months but the avergae house price in July is 2.6 per cent lower than a year ago at £163,981.

The branch Manager of Connells in Ashford and Park Farm Sean Connolly was keen to dispell any thoughts among sellers that the rise would mean they could install inflated asking prices.

He said: "Since the start of the year house prices have continued to stabilise and we haven't seen any real increases over the past three months in the Ashford area.

"In this sort of housing market sellers need to listen to their estate agent's advice and be realistic about the asking price of their property.

"The days of sellers insisting on asking an over-inflated price and waiting for the market to catch up with it are long gone.

"So, if people are serious about moving they need to be realistic about price and prepared to accept a reasonable offer."

The number of mortgages approved increased by four per cent nationally between May and June to 48,421, the highest monthly total since May 2010.

Housing economist Martin Ellis said: "Overall, there has been little change in either the level of house sales or the number of properties on the market for sale since late 2010.

"These steady market conditions have helped to stabilise house prices in 2011 following last year's modest decline.

"This pattern is expected to continue over the rest of the year with little genuine direction in either house prices or sales.

"Sustained low interest rates and a slowly improving economy should help to support demand in the face of pressures from weak earnings growth, relatively high inflation and higher taxes."

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