NEW! Investment Companies Centre

House prices tumble 5.3%, says Hometrack

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Monday 01 Sep 2008

LONDON (ShareCast) - Hometrack’s latest survey has confirmed the slump in UK house prices, with the cost of a property down 5.3% on last year.

August’s 0.9% drop was the 11th consecutive monthly decline and the survey’s biggest annual fall since it started in 2001. The annual figure was even worse than July’s 4.4% tumble.

It is taking more than 11 weeks to sell a property, the property consultant found, while the proportion of the asking price being achieved slipped to a series low of 90.7%.

Meanwhile, prospective sellers are becoming reluctant to put their houses up for sale in such a gloomy market. The number of property listings fell 0.7% after rising 1.1% in July.

"We may well start to see a moderation in the rate of monthly price falls. However, with ever growing uncertainty among households over the broader economic outlook the current re-pricing of housing still has some way to run," said Richard Donnell, Hometrack's director of research.

Last week’s survey from the Nationwide revealed a much bigger 10.5% annual drop in house prices, the first double digit fall since the fourth quarter of 1990.

Friday’s 2% slip, reported by the Land Registry, followed a 0.6% decline in prices for England and Wales during August.

Digital Look have been voted
"Best Research and Information Provider"

4th Floor, Bankside House, 107 Leadenhall Street, London EC3A 4AF.
Registered in England and Wales (registered no. 3678570).