THE latest hometrack national survey of the housing market suggests that price changes are levelling out across the country.

The North has seen more widespread price falls, whereas the South East - which last month experienced falls of -0.4 per cent - saw a drop of only -0.1 per cent in June.

National house prices have been bumping along the bottom since the beginning of the year.Overall, 23 counties reported price falls. Meanwhile, 18 counties reported moderate price rises. The highest rises occurred in Cumbria (0.5 per cent), East Riding of Yorkshire, Mid Wales (both 0.3 per cent), Merseyside and North Wales (both 0.2 per cent). Sixteen counties reported no changes.

The average house price of the 10 counties with the highest price rises is £91,530 ,whereas the average house price of the 10 counties with the highest price falls is £178,030. The average house price for the country as a whole is unchanged at £135,200.

Price falls have persisted in the South East and Greater London areas which saw the largest rises during the boom of 2002.

In the southern half of the country, only three counties reported positive house price inflation over the month. However, price falls in the South have lessened as price rises in the North have reduced.

While the number of new properties listed grew by four per cent, the number of new buyers rose by less than one per cent. This means that hometrack’s National Demand Index reveals yet further declines in demand relative to supply.

With levels of excess demand continuing to fall, further stagnation in the housing market can be expected.

Prices achieved as a percentage of asking price have now fallen continually for 12 months to 94.3 per cent (last month 94.4 per cent), the lowest for more than two years.

On average, it is currently taking more than five weeks to sell a home with an average of more than 11 viewings per sale. This is well down on the 2.8 weeks to sell and nine viewings per sale recorded at the height of the boom in May last year.