Housing market 'is in balance'

The housing market has become more stable, a study has revealed to those looking for cheap mortgages.

A survey by Hometrack found that prices are still slowly lowering but that the balance of supply and demand has improved in the last six months following a pre-summer boost.

The proportion of sellers achieving the asking price remained at around 92.7 per cent, with a seven per cent reduction accepted on average by those who did not.

"[The survey] shows a housing market in broad equilibrium with an increasing number of sales being agreed between more realistic sellers and a growing pool of buyers. Almost four years into the downturn, the housing market is showing signs of adapting to a low turnover environment," said, Richard Donnell, director of research at the firm.

Meanwhile, Norwich and Peterborough Building Society has cut more of its mortgage rates in order to become more affordable to homeowners.

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2011-07-25 13:07:12 © Moneyextra.com