Nicholas Ayre, director of property buying agency Home Fusion, says on an annual basis, prices are “essentially stagnant”.
He adds: “Given the truly dire economic backdrop, both domestic and global, it’s a surprise that house prices overall are proving so resilient. Things could potentially be a lot worse than they are.
“While the demand for property is understandably weak, low supply and low interest rates are acting as a glass floor under prices,” he says. “If unemployment continues to rise, then we could see more properties come onto the market as people are forced to sell. This could provide further downward pressure on prices.”