House prices fall for eighth consecutive month
by Gill Montia
Hometrack’s latest survey shows a further slide in house prices.
The housing intelligence firm recorded a 0.5% fall in May, leaving the average property worth 1.9% less than in May 2007 at £172,200.
Prices fell by 0.6% in April, making May the eighth consecutive month in which values have declined.
On an annual basis, property price inflation fell to -1.9% in May, its lowest level since November 2005.
According to Hometrack, buyers have effectively gone on strike and are delaying making a purchase on the presumption that prices will fall further.
The number of buyers registering with estate agents fell by 6.7% during May and the average length of time taken to sell a property increased to 9.8 weeks, up three weeks on May 2007.
The research, which is gathered from over 3,500 surveyors and estate agents across England and Wales, also revealed that sales of holiday homes are particularly slow.
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