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Further Drop In UK House Prices Reported

Wed, 04 Mar 2009
Property prices in the UK continued to fall in February, despite more people signing up with estate agents, new data has revealed.

Latest figures from Hometrack show that the average cost of a property in England and Wales (£157,000) was down 10 per cent from the same period the previous year - the biggest drop since 2001 - and down 0.8 per cent month-on-month.

According to the figures, the number of new buyers registered with estate agents rose by 17 per cent in February and there was also a rise in the number of properties going on the market, particularly in London, the South East and South West.

Sales across the country rose by 35.9 per cent last month and the average time it took for a house to sell dropped slightly to 12 weeks.

But Hometrack’s director of research, Richard Donnell warned that the property slump is not over and consumer confidence remains low.

"2009 is a year when the housing market is at the mercy of the economy and rising unemployment," he said.

"A broad-based recovery in the housing market will require a major turnaround in consumer confidence which is still some way off yet."
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