27/01/08-House prices in Britain fell in January, according to property consultant Hometrack. The company’s monthly national survey shows that the average price of a UK house fell by approximately 1 percent in January, while over the last year prices have fallen by 9.4 percent.
This survey is based on responses from agents and surveyors across the country, and it indicates that prices will continue to fall for at least several months. It notes that the average time a property spends on the market is now 12.3 weeks, which is up 45 percent from a year ago. It also notes that the selling to asking price rate is now 88.3 percent, compared to 93.5 percent last year.
Not surprisingly, the largest fall in prices over the past year was in London, which had seen the largest increase prior to that. The survey indicated that there was an average of 16 viewings per sale in London.
Hometrack’s Richard Donnell said: “Over 2009 the market is at the mercy of the economy. Purchasers remain few and cautious – some agents have reported potential buyers extending rental contracts to sit out the current uncertainty.”
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