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Tuesday 30th of June 2009
January 21, 2008

Annual house price inflation falls to 3.4%


by Gill Montia
”Annual

Latest figures from Rightmove, the property website, show annual house price inflation in England and Wales falling to its lowest level since December 2005.

The average asking price for a home fell 0.8% in January, giving an annual rate of increase of 3.4%, down from 4.8% in December.

January saw the third consecutive monthly fall in property prices, although the figures are not seasonally adjusted.

Rightmove also reported an increase in activity immediately after the New Year, with a rise of almost 20% in the number of visits to its website, as compared with the first two weeks of 2007.

Miles Shipside, commercial director of Rightmove comments: “Some homebuyers are now able to find properties that have fallen into their affordability zone, and are bagging what they see as bargains against previous prices.”

He adds that: “Some properties have had their prices dropped by 10% or more and are now within reach, satisfying some of the pent-up demand from previously disenfranchised buyers.”

The January fall can, in part, be attributed to the December deadline for sellers to provide Home Information Packs, resulting in a glut of smaller homes for sale.

Estate agents recorded an increase in property stock of around 20% at the end of 2007 and the time that stock remained on the market increased to a record 98 days during December, although the figure fell back to 95 days in the first weeks of January.

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