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House Prices Freeze

Mon, 01 Oct 2007
House prices froze in September with there being no recorded increase in prices.

The Hometrack housing survey highlights that only 8.6% of UK reported house price rises and house price decreases fell in 4% of the country.

In the last year house price inflation has gone up to 5%.

There has been upheaval in the financial markets which has brought about a period of inertia in the housing market with buyers and sellers not willing to commit until prospects get better.

Therefore, estate agents report a 2.7 decline in the number of sales agreed in September, following a 1% decrease in August.

Prices are helped by a shortage of homes entering the property market, even though demand from buyers is decreasing.

Demand and sales volumes are set to remain weak in the rest of 2007, with a lack of properties to sell looking likely to back up achievable prices.

Weaker demand is going to impact most on asking prices.

In the last week the Nationwide reported a 0.7% increase in house prices over September.
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