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Summer wash-out spills over into house prices, but 'autumn will be better'
25th September 2007
Sharon Flaherty
House prices will survive the wider roll-out of home information packs as well as the recent credit crunch despite a dip in August, estate agents believe.
According to Team Association, the UK-wide network of independent estate agents found that in August the average house price stood at £221,708, down 0.4 per cent from July’s figure.
A spokesman for the network claimed this was a result of the lack of consumer confidence in the economic environment. He said: "Prices nationally have held up fairly well under the current market circumstances, with regards to the current economic uncertainty and the introduction of the second phase of home information packs.
"However, the economic fluctuations are having a tightening effect on consumers’ spending power and with the recent bank changes this is likely to continue. But, the market will soon recover and autumn will be a healthy time providing no further interest rates take place."
Regionally, the price decreases in August compared with July were similar to the national average with the biggest house price drop of 1.96 per cent being recorded in Greater London, bringing the average house price there to £326,171.
The spokesman added: "Regionally, Greater London has taken the biggest price drop, which indicates that interest rates might have finally started to have an impact on this region."
Results from the survey also showed that properties for sale across the UK decreased by 6 per cent in August on July’s figures and down 9.51 per cent when compared with August 2006.
Summer wash-out spills over into house prices, but 'autumn will be better'
25th September 2007
Sharon Flaherty
House prices will survive the wider roll-out of home information packs as well as the recent credit crunch despite a dip in August, estate agents believe.
According to Team Association, the UK-wide network of independent estate agents found that in August the average house price stood at £221,708, down 0.4 per cent from July’s figure.
A spokesman for the network claimed this was a result of the lack of consumer confidence in the economic environment. He said: "Prices nationally have held up fairly well under the current market circumstances, with regards to the current economic uncertainty and the introduction of the second phase of home information packs.
"However, the economic fluctuations are having a tightening effect on consumers’ spending power and with the recent bank changes this is likely to continue. But, the market will soon recover and autumn will be a healthy time providing no further interest rates take place."
Regionally, the price decreases in August compared with July were similar to the national average with the biggest house price drop of 1.96 per cent being recorded in Greater London, bringing the average house price there to £326,171.
The spokesman added: "Regionally, Greater London has taken the biggest price drop, which indicates that interest rates might have finally started to have an impact on this region."
Results from the survey also showed that properties for sale across the UK decreased by 6 per cent in August on July’s figures and down 9.51 per cent when compared with August 2006.
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