Hometrack reports 9.4% fall in house prices

Hometrack reports 9.4% fall in house prices

Housing intelligence firm, Hometrack, has reported a 1% fall in UK property prices during January.

The sixteenth consecutive month of decline takes the annual drop to 9.4%.

The company expects values to fall a further 10% during 2009, with the decline continuing in 2010 but slowing to 3% over the year.

According to the survey, the average time a property spent on the market in January is 45% up on a year ago, at 12.3 weeks.

Properties in the East Midlands linger longest, with the average selling time at 15 weeks.

Bargain hunting purchasers are beating vendors down to an average 88.3% of their asking price, compared with 93.5% at the beginning of 2008.

Home sellers in Wales are achieving the lowest proportion of their ambitions, at an average 87.4%, while in the North East and North West deals are being stuck at the slightly higher level of 88.6%.

On a regional basis, the biggest annual fall has been seen in London, where prices have tumbled by 10.7%.

Sellers in the capital are achieving 88% of their asking price on average but can expect to accommodate around 16 viewings before making a sale.

Hometrack’s survey is based on over 5,800 responses from agents and surveyors across the country.

Its figures are more optimistic than those of Nationwide, which in December reported an annual fall of 15.9%.

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