House prices in England in Wales have fallen for the 16th month in a row during January and are now 9.4 per cent lower than at the same period last year, new figures have revealed.
The latest housing survey by property analysts Hometrack, which is based on estate agents’ estimates of achievable selling prices for properties, showed a 1 per cent fall between its December and January surveys, leaving the average price of a property at £158,300.
According to the organisation, the number of new buyers registering an interest fell by 6.3 per cent over the month, the number of house listings dropped by 3.6 per cent and the number of sales agreed fell by 5 per cent.
The data also revealed that the average time it took to sell a property during January rose to 12.3 weeks - 45 per cent longer than this time last year – while the percentage of asking price achieved slipped marginally to 88.3 per cent.
On a more positive note, the group said prices dropped in 58 per cent of postcode districts in England and Wales during this month, down from falls in 70 per cent of areas in November.
Hometrack said that buyers are cautious and predicted that property prices will fall by another 10 per cent this year.
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Slump In House Prices Continues Wed, 28 Jan 2009
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