Prices unchanged for first time in 16 months

Nov. 28, 2005
House prices remained unchanged in November, the first time in 16 months that a fall has not been recorded according to the property research company Hometrack. The average house price was £160,700, it said, which is a 2.5% fall from this time last year. Hometrack also revealed that agents reported a 4% rise in the number of sales agreed over November. Richard Donnell, director of research at Hometrack, said: “Over November average house prices remained unchanged in 84% of postcode districts covered by the survey whilst prices moved higher in just 4% of postcode districts. Most of the price rises were seen in the south of England, particularly in parts of inner London.” He added: “A move to more realistic pricing of property over the last year, combined with the cut in interest rates in August 2005 has resulted in some pent-up demand feeding back into the market over recent months. This has pushed up levels of sales activity but had limited impact on average prices which are likely to remain unchanged over the next few months”.

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