UK Property asking prices fall again

[tea_drinker]

Property website Rightmove found sellers slashed prices by 1.7 per cent during the month to August 7, sending the average asking value down by £4,091 to £232,241.

Soaring numbers of sellers outnumbered buyers, with the imbalance in supply and demand compounded as many house-hunters took summer holidays.
Rightmove found available stock per agent rose to its highest August level for three years, up 41.3 per cent on a year earlier to 29,220 a week.

It warned market conditions ‘‘bear some similarities’’ to the torrid second half of 2008 when the credit crunch left prices plunging by 7.1 per cent as agents struggling to shift stock.

telegraph.co.uk/finance/econ … again.html

[BoyRacer]

House prices fall across the whole country as buyers sit tight → independent.co.uk/news/busin … 90553.html

The decline in the housing market that began in many parts of the country during the summer appears to have spread and accelerated.

New data released today suggest prices are now falling in every part of the country for the first time in 18 months, and that the speed of the drops is gathering pace.

Hometrack, the housing market analyst, said that the average price of a house fell by 0.4 per cent in September, after a 0.3 per cent fall in August and and 0.1 per cent in July. Some 34 per cent of postcodes experienced an average price decrease last month, up from 30 per cent in August and only 12 per cent in July. Price increases were seen in just 2.3 per cent of postcodes.

Richard Donnell, Hometrack’s director of research, gave warning that the housing market was likely to deteriorate further. “This is part of an ongoing repricing process which began six months ago and is set to stretch well into 2011,” he said. “The markets is entering the second phase of the repricing process as a response to falls in both sales volumes and demand.”

there is more

[dolanbaker]

UK house prices fell 3.6% in September, Halifax says
Halifax said there had been an increase in the number of properties for sale House prices fell by 3.6% in September from the previous month, according to the Halifax the largest fall on record.

However, the bank, now part of the Lloyds Banking Group, said it was too early to conclude that this was the start of a sustained fall in prices.

The three-month on three-month comparison, seen as a smoother measure of prices showed a 0.9% drop in September.

The average UK home is now valued at £162,096, the survey found.

Prices remained 2.6% higher than a year ago, the figures show, although this was down from a 4.6% rise reported in August.

It also brings it close to the 3.1% annual change reported recently in the house price index from the Nationwide Building Society.

bbc.co.uk/news/business-11491015