27/01/2011

House Prices Fall For The Seventh Month

A recent survey by a UK housing intelligence business has revealed that house prices have fallen for the seventh month in a row.

The Hometrack survey highlights how the average cost of a house in England and Wales is 2.2% lower than January last year. The average price now stands at £153,600.

As uncertainty remains over 2011 interest rates, both buyers and sellers are avoiding the market.

Estate agents have experienced a 10% decrease in those registering, accounting for a 26% drop in demand in the last six months.

Meanwhile new home sales have experienced the sharpest fall in four years, reaching 5.4%.

Mortgage approvals were also down 10% from last year.

Currently, the number of first-time buyers with a mortgage stands at less than half compared to the figures between 2000 and 2005.

(BMcN/GK)

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