House prices ‘steady’ while demand continues to grow

House prices remained steady in June for the second month in a row, while demand from potential buyers outstripped the supply of homes on the market, analysis from Hometrack has found. The average cost of a property remained at £155,600 for the past two months, while the average rate at which house prices are declining in year on year figures has slowed, down 8.7 per cent in June from 9.6 per cent in May. Hometrack said that rising sales, a dwindling supply of homes on the market and increasing demand were ‘underpinning’ prices at the current level.