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HOUSE PRICES DROPPING AT FASTER RATE

HOUSE PRICES DROPPING AT FASTER RATE (Buying)

by administrator @, Thursday, October 06, 2011, 18:49

Further evidence of a double dip in the housing market is published in a survey by Hometrack, which revealed that prices fell by 0.1% in September, the 15th consecutive month of price falls.

A sharp fall in the number of new buyers, down 2.6% on the month, and a rise in the gap between asking prices and actual sale prices, point to a deepening recession in the market, Hometrack said.

"As the gap between supply and demand widens, we are likely to see an acceleration in the level of price falls as we head towards the end of the year," said research director, Richard Donnell, who forecast that falls will be heaviest in the north and north-east.

The brief recovery that began in mid-2009, largely in London and the south-east, has petered out and nearly all the house price indicators are now showing an increasingly distressed market.

The data reveals that the remaining buyers in the market are making offers substantially below asking prices. The proportion of the asking price achieved by sellers slipped back again, to stand at 92.5%, while the time that the average property sits on the market increased to nine and half weeks.

The gap between asking prices and sold prices is highest in the north of England, at 9%, Hometrack said, and houses in the region also take longer to sell, averaging 11 weeks.

London continued to buck the trend, registering a 0.2% rise in prices in September. London's performance, though, has masked the extent of falls elsewhere.

"It has been the relative strength of the London market that has supported the headline rate of growth this year," Donnell said.

www.hometrack.co.uk

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