Hometrack: House prices fall for fourth consecutive month in October

| November 1, 2010 | 0 Comments
Hometrack: House prices fall for fourth consecutive month in October

According to housing intelligence group, Hometrack, house prices in England and Wales fell for the fourth consecutive month in October.

According to Hometrack, house prices fell by 0.9% on the month in October to £156,200 - the lowest level since September 2009.

The ongoing fall in values continues to be the result of a high level of instructions on the market but a lack of buyer demand.

Furthermore, buyer demand continues to be weak amid economic uncertainty.

The data reflects other housing market reports that suggests demand is likely to remain weak and a possible double dip in house prices is likely.

Mortgage approvals remain low, last week the Bank of England revealed mortgage approvals fell for the fifth consecutive month in September.

Also, the British Bankers’ Association (BBA) and the Council of Mortgage Lenders (CML) both reported a fall in the number of new mortgages approved in September.

There is little good news surrounding the housing market currently and many experts expect house prices to fall in the coming months. Experts have warned that lending could slow “more significantly” in the months ahead.

Meanwhile, commenting on today’s figures, Hometrack’s director of research Richard Donnell, said: “Further price falls are inevitable in the run up to Christmas and are likely to continue to fall into the first half of 2011.”

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