Hometrack: House prices fall for fifth consecutive month in November
According to housing intelligence group, Hometrack, house prices in England and Wales fell for the fifth consecutive month in November.
According to Hometrack, house prices fell by 0.8% on the month in November to £155,000.
The ongoing fall in values continues to be the result of a higher level of instructions on the market and a lack of buyer demand.
However, Hometrack highlighted that the supply of houses coming to the market fell during the month, with the number of properties for sale down by 0.4% – the first such fall in 9 months.
Meanwhile, 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, the British Bankers’ Association (BBA), the Council of Mortgage Lenders and the Bank of England have all reported falls in mortgage lending over recent months.
Meanwhile, commenting on today’s figures, Hometrack’s director of research Richard Donnell, said: “The seasonal slowdown in the housing market has kicked in a month early.
“Concerns over the economic outlook on the back of recent spending cuts together with widespread expectations that house prices are set for a period of retrenchment, are driving the continued weakness in demand,” Mr Donnell added.
Other housing surveys suggest the market is cooling. Last week, the Land Registry reported a 0.8% fall in house prices for the month of October, while HMRC revealed a slump in the number of homes sold in October in the UK.
According to HMRC, 79,000 homes worth at least £40,000 or more were sold in the month, a fall of 11% on an annual basis.