As per Hometrack, housing prices saw a fall in the month of July, which has happened nearly after a time period of 15 months, seeing a drop of 0.1% in the preceding month.

It was in the month of April 2009 that month-on-month drop in housing prices were seen, where values dropped by 0.3%. The yearly growth that now exists is at 2%.

The drop in demand and increase in supply has been accredited for the seen decline in the growth patterns.

Hometrack said that dropping condition of demands could in part be dealt with, which happens due to seasonal effects, however, the fundamental drop tendency in demand over the preceding five months was something to worry about.

In July, 3.6% increase could be seen in supply, since Home Packs had been abolished and easy pricing helped the sellers to manufacture more than the demands.

The volume sales agreed surged by almost 3.7% in the month of July.

Hometrack Director, Richard Donnell said that a looming fall in housing prices in the second half of the year was something that could be expected.

In addition, he said that demands seen yet have not been satisfying and recognizing the factors responsible for that was somewhat tricky to do.