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Decline In House Prices Recorded For 12th Month In A Row

Wed, 01 Oct 2008
The UK housing market shows no signs of stabilising as new figures reveal that house prices dropped for the 12th consecutive month during September.

According to a survey by property consultants Hometrack, house prices fell by one per cent over the four weeks, with drops recorded in 65.5 per cent of the nation's postcode districts.

As a result of the latest monthly decline the average property is now worth 6.5 per cent less than it was a year ago, while the situation is even worse for one in ten areas with prices down by eight per cent over the 12-month period.

The research also revealed a further fall in the number of new buyers registering with estate agents, with 5.3 per cent fewer people starting the house-hunting process in September 2008 compared with August 2008.

Richard Donnel, director of research at Hometrack, explained: "Weak demand continues to put a downward pressure on house prices. Just as liquidity in the financial markets has dried up so the same is true of the UK housing market."

"The number of homes set to change hands in 2008 is likely to fall to a level not seen since the 1960s," he added.

The property website also found that the average seller in England and Wales received just 90 per cent of their asking price during September - the lowest level since the group first launched its index in 2001.
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