House prices continue long slide, says website
By Rhys Blakely
House prices fell for the sixteenth consecutive month in October and will continue to slide as buyers maintain leverage over the market, Hometrack, the property website, said today.
Last month, the average house price fell by 0.1 per cent to £160,700, compared with a peak of £167,700 in June. According to Hometrack, prices have fallen by 3.5 per cent in the past 12 months.
The Hometrack figures come ahead of October numbers Nationwide and HBOS. The two lenders reported conflicting views of the housing market last in September with Nationwide reporting a 0.2 per cent fall in price and HBOS reporting a 1.2 per cent increase.
"Excess supply continues to plague the market," John Wrigglesworth, Hometrack’s housing economist, said. "Price declines are inevitable over the next few months." (AtW: Excess supply? But I thought there was a shortage of houses??!?!?!)
Mr Wrigglesworth expects house prices to fall 4 per cent this year. However, prices will improve by the middle of next year, assuming stable interest rates and unemployment levels, he added.
The number of buyers registering with estate agents rose by 2.1 per cent this month, meaning there had been an increase of more than 22 per cent over the course of the year. Sales rose by 5.9 per cent in October.
The number of prospective buyers increased by 2.1 per cent in October, while transactions grew by 5.9 per cent on the month, a sign of growing confidence in the market, Hometrack said.
However, the number of properties for sale rose by 1.9 per cent on the month.
The heaviest price falls were in Wiltshire, down 0.5 per cent, and the West Midlands, South Yorkshire and Nottinghamshire, all down 0.3 per cent.
By Rhys Blakely
House prices fell for the sixteenth consecutive month in October and will continue to slide as buyers maintain leverage over the market, Hometrack, the property website, said today.
Last month, the average house price fell by 0.1 per cent to £160,700, compared with a peak of £167,700 in June. According to Hometrack, prices have fallen by 3.5 per cent in the past 12 months.
The Hometrack figures come ahead of October numbers Nationwide and HBOS. The two lenders reported conflicting views of the housing market last in September with Nationwide reporting a 0.2 per cent fall in price and HBOS reporting a 1.2 per cent increase.
"Excess supply continues to plague the market," John Wrigglesworth, Hometrack’s housing economist, said. "Price declines are inevitable over the next few months." (AtW: Excess supply? But I thought there was a shortage of houses??!?!?!)
Mr Wrigglesworth expects house prices to fall 4 per cent this year. However, prices will improve by the middle of next year, assuming stable interest rates and unemployment levels, he added.
The number of buyers registering with estate agents rose by 2.1 per cent this month, meaning there had been an increase of more than 22 per cent over the course of the year. Sales rose by 5.9 per cent in October.
The number of prospective buyers increased by 2.1 per cent in October, while transactions grew by 5.9 per cent on the month, a sign of growing confidence in the market, Hometrack said.
However, the number of properties for sale rose by 1.9 per cent on the month.
The heaviest price falls were in Wiltshire, down 0.5 per cent, and the West Midlands, South Yorkshire and Nottinghamshire, all down 0.3 per cent.
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