The latest house price survey from Hometrack has discovered that costs remained constant in May when compared to the previous month.
This is the first time in 20 months there has not been a fall, the figures showed, with the average UK house price now standing at £155,600.
Richard Donnell, Hometrack’s director of research, said: "The willing purchasers that are returning to the market are largely confined to the more wealthy areas of the country and limited to those buying with cash or who require low loan-to-value mortgages."
He added that estate agents have re-priced a number of their properties over the last two years to try and restrict falls in transaction levels.
According to the figures, there has also been an increase in the number of agreed sales, up by 9.4 per cent on the previous month and 43 per cent on the last three months.
Statistics from Nationwide recently showed that the average house price increased by 1.2 per cent in May compared to a fall of 0.3 per cent in April.
See Also: Property News (5994)
Date Published: 02 June 2009
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