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Tuesday 01st of February 2011
September 28, 2010    

House prices slip 0.4%

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by Gill Montia

Hometrack recorded a 0.4% fall in house prices across England and Wales in September, as buyer demand slid by 2.9%.

The average amount of time needed to sell a property increased to 9.3 weeks, up from 8.9 weeks in August.

The South West posted the largest monthly decline, at 0.6%, followed by -0.5% in the South East and East Anglia.

According to the housing intelligence firm, demand from potential buyers has fallen by 6.5% during the past three months, while the number of homes on the market grew by 7.2%.

In addition, the proportion of the asking price being achieved has dropped to 93.2%, from a recent high of 94.3% in June 2010.

Hometrack’s director of research, Richard Donnell, points out that prices have now fallen for the third consecutive month and predicts that a re-pricing process, which began six months ago, will continue well into 2011.

However, Mr Donnell is confident that the market will avoid double digit falls over the next 12 months, with prices steadying as fewer homes are put up for sale.

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