House prices take a dip
HOUSE prices fell by 0.1% during October as higher interest rates and falling confidence continued to impact on the market, figures showed today.
Property information group Hometrack said it was the first time house prices in England and Wales had fallen for two years.
It added that the drop followed two months of stagnant growth, while the annual rate of house price inflation had also fallen to 4.4%.
Richard Donnell, Hometrack’s director of research, said: “After several months of weaker buyer confidence, falling levels of demand and declining sales volumes, prices were bound to be affected.
“We expect further small price falls in the months ahead but these are likely to remain limited as there remains no evidence of any increase in the supply of homes for sale.”
The group said house prices fell by between 0.1% and 0.2% across all regions of England and Wales except the West Midlands.
Share
