House Prices Falling in UK

Since 2009, the house prices in all regions in UK have been falling, reports Hometrack, the property information company.

It said that the cost of a house had dropped by 0.4% in September as interest from prospective buyers declined.

The Hometrack in its monthly review of market conditions said that the demand and supply had been moving in opposite directions. The number of homes coming to the market had increased by 7.2 % over the past three months while the number of active buyers registering with the agents had fallen by 6.5%.

Hometrack’s director of research, Richard Donnell said that the latest trends in housing market formed part of an ongoing re-pricing process which began six months ago. The anticipated public spending cuts and concerns over diminishing economy were weighing heavily on would be purchasers, he explained.

The figures from leading lenders also showed marked decline in number of new mortgage approvals since the spring.

According to Hometrack, the falls in prices had been heaviest in southern regions of England.

There are fewer purchasers and those looking to buy are cautious and selective.Mr. Donnell said that the decline in demand had accelerated over the last three months compared to the previous quarter.

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