House prices fall as market at quietest level for 40 years
Hometrack's November index says prices continue to gradually decline as buyers dwindle.
The latest monthly report by property analysts Hometrack shows house prices falling slowly and the market at its quietest level for 40 years.
Its November survey shows prices fell by 0.2% month-on-month, with an annual fall of 2.3%. And new listings fell in November by 0.8% as the market continues to gradually decline.
The biggest price falls were in the South West, East Midlands and North West of Wales and Wales, where prices all fell by 0.3% in November.
Properties were on the market for an average of 9.9 weeks, with sellers achieving an average of 92.5% of their asking prices.
Hometrack says it expects to see price falls accelerate in the coming months as the number of buyers dwindles around the Christmas and New Year period.
The number of sales so far in 2011 is almost half that of 2007, according to Hometrack’s data.
More: House prices ‘unlikely to recover’, warns Bank economist | Why house price forecasts are dangerous
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And what are these buyers supposed to use to pay for their houses? Also why trade up and pay greater energy bills, maintenance costs and council tax? The problem is that you need confidence in your income stream to keep trading up, also you need your pay to keep pace with inflation. None of this is available at the moment or in the foreseeable future. All we see is tax rises, energy hikes, fuel hikles. The message is clear. Do not take on any additional liabilities in this financial climate. The message tha tthe population should give is to stop buying altogether , unless absolutely essential. This would bring home the the nutters running thecountry that all is not well. In Westminster they see things rather differently as they do not pay theit own energy costs to heat the place and get their travel costs paid for. Expenses are still good even if doen from their heady heights in the days of when 'mad speaker' from Glasgow( now getting a nice little earner in the House of Lords) tried desperately to keep them from teh public domain.
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29 November 2011