Rightmove data shows November fall in house prices

| November 19, 2007 | 0 Comments

The latest survey of UK house prices from Rightmove, the property website, shows the cost of property falling by 0.7% during the four weeks to 10th November.

The decrease amounts to £1,656 on the average price of a home in England and Wales, which is now down to £239,986.

It also brings annual house price inflation to 7.9%, its lowest level since June 2006. This compares with an annual figure of 10.4% over the previous four weeks.

During the period, house prices fell in all regions of England and Wales except London, where the average price of a home increased by 2.3%.

The biggest fall was in the West Midlands, at 2.4%; followed by the South-east 2%; Yorkshire and Humberside 1.9%.

The average time for a property to remain on the market increased from 85 to 92 days, the longest period in November since Rightmove’s records began in 2002.

The figures are in line with data from Halifax and Nationwide, which show a slowdown in the market.

Rightmove is forecasting further falls during December and into the early part of 2008.

While it expects interest rates to be cut in February or soon after, it does not expect strong price rises to follow because of affordability issues.

However, a more stable financial environment and underlying demand could lead to some price gains later in the year, but these are likely to be minor.

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