Demand for housing registered its first decline in May for three months, according to the latest monthly national housing survey from Hometrack.
The volume of applicants registering with agents fell by 0.5% over May compared to a 2.8% increase in April. Hometrack said the weaker demand was in part related to the Easter and May bank holidays but also reflected weaker consumer confidence over recent months.
The volume of sales agreed grew by 1.6% over May, compared to 12.6% in March and 0.8% in April, while Hometrack said that agents will look to reduce prices in an effort to support sales volumes and revenue in the months ahead.
Richard Donnell, director of research at Hometrack, said: “Demand for housing fell for the first time in three months in May putting downward pressure on house prices once again according to the latest survey of 1