House prices fell by 1% this month, says the latest report from property consultants Hometrack. This brings the UK to the 16th month of continued falls, with prices coming down 9.4% in the past twelve months.
The average time a property remains on the market rose again to 12.3 weeks which is a 45% increase on this time last year, while the proportion of asking price achieved sits at 88.3% compared with 93.5% a year ago.
London saw the largest fall in the past month of 1.1%, while East Anglia saw the smallest drop in house prices of 0.5%.
Richard Donnell, director of research for Hometrack said: ‘While the re-pricing process in the housing market has been underway for the last year, the reality is that over 2009 the market is at the mercy of the economy.
Purchasers remains few in number and cautious – some agents have reported potential buyers extending rental contracts for another six months to sit out the current uncertainty.’
* More news on the property market and house prices
-
The life that thrives among the dead: How wildlife finds a home in the graveyards and churchyards of BritainHome to a veritable ‘Noah’s Ark of species’, thanks to never being ploughed, sprayed or fertilised, our churchyards offer a sacred haven for flora and fauna, says Laura Parker.
-
‘What a shame when a dinosaur disappears into the mansion of an oligarch rather than being displayed for all to enjoy’: The ethics of the dinosaur auctionFancy a stegosaurus in your living room? You can buy one at auction. But the latest luxury good is a paleontologist's worst nightmare.
