Property prices fall further
HOUSE prices fell for the ninth month in a row during June, to cost 3.2% less than they did a year earlier, figures showed today.
The number of homes changing hands is expected to slump to levels last seen in the 1970s as the credit crunch continues, property information group Hometrack said.
The group said the average home in England and Wales lost a further 1% of its value during June to cost £170,500.
Prices slid by 2.5% since the beginning of the year, as the loss of confidence in the property market continued to undermine both activity levels and prices.
Prices fell in 84% of postcode districts in England and Wales during the month.
The number of new buyers registered with estate agents is now 52% lower than at the start of the credit crunch.
Meanwhile, buy to let landlords are determined to maintain their portfolios of residential investment property, according to today’s ARLA review, supported by a group of banks and mortgage lenders. Only a tiny minority, 1.3%, expect to sell because of current market conditions.
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