Another house prices fall

June 27, 2005
The property database Hometrack has revealed that the average house price dropped by 0.2% this month. This fall means they have now been on the decrease for a full year. It said this showed there was little hope of an imminent recovery in the market. The group’s housing economist John Wriglesworth said: “Over the last few months the market has looked like it was about to come up for some fresh air. However June’s price fall signals a stall in the road to recovery. The average house price, said Hometrack, is now £161,000 down from a peak of £167,700 in June last year, a fall of 3%. A drop in new buyer numbers has also led to sellers being unable to reach asking prices with the final sales price falling to 93.5% of the asking price. Wriglesworth said: “The drop in new home buyers after four months of growth is more worrying. Longer times to sell and higher discounts point to a weakening market.”

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