House Prices Still Falling
According to Hometrack, house prices have fallen by 3.2% compared to a year ago. This is the 9th month in a row that prices have fallen, with the average house now priced at £170,500, down from £176,100 this time last year.At the weekend Professor Stephen Nickell, a leading housing advisor to Gordon Brown, warned that it would take until 2015 for the property market to start booming again. He also warned that the “severe rationing” of mortgages was preventing first time buyers from taking advantage of falling house prices, preventing affordability from improving.
The figures also show that sellers are taking a record length of time to sell their properties - on average it takes 10.3 weeks to receive an offer, up from 6 weeks last year.
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