House prices continue to fall across the United Kingdom |
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Mon, 27 Jun 2005 11:35
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LONDON: House prices in the U.K. have continued to fall throughout the last 12 months, according to property website Hometrack. Details of the survey undertaken by the research firm indicated that while there has been a 3 percent fall over the year, the prices slid by 0.2 percent in June alone compared with May.
The average house price in the country now stands at 161,600 pounds, down from a peak price of 167,700 pounds in June 2004. Hometrack said sale prices are also falling below the asking prices -- 93.6 per cent in May to 93.5 per cent in June.
Time taken to complete a sale transaction is becoming longer, said Hometrack, adding, it now takes 7.6 weeks compared with 7.4 weeks in May.
"The only good news is an upwards trend in sales agreed, (3.5 per cent) and a general expectation of lower interest rates before the end of the year," said Hometrack Housing Economist John Wriglesworth.
"We expect house prices to continue to bump along the higher plateau after the coming months. While the market is stagnating it is showing absolutely no evidence of crashing."
The research firm reduced its 2005 house price inflation forecast to zero per cent, down from 3 per cent in May.
Only Northumberland reported an increase in house prices, while Hampshire, the Isle of Wight, Kent and North London reported stagnation. Among the places where there is fall in prices, Norfolk reported the largest, down 1 per cent. Avon, North Lincolnshire, Wiltshire and South Lincolnshire also experienced fall in prices.
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