Average property prices plummeted in three months
February 8, 2008
According to a recent report the average UK property value plummeted between October of last year and January of this year, with around £11,000 being shaved off the average property value. The reports show that this has seen some properties fall in value by over £100 per day, and according to some industry officials things are going to continue getting worse for homeowners when it comes to falling property prices.
The information comes from a report that was put together by the property website Right Move. It is feared that as a result of these falling property prices many of those that recently purchased a home before property prices started t fall could quickly find themselves tied into negative equity where their home is actually worth less than the amount that they owe on it.
One industry official said that the falling property prices could result in a more active housing market, with more first time buyers finding themselves in a position to purchase due to lower asking prices on homes.
He said: : ‘Enough sellers seem to have dropped their prices to encourage potential buyers to look in larger numbers, suggesting we might see a more active market at this lower price level.’
He added that in some areas property prices had fallen quite significantly, and that many homeowners had been forced to knock down their asking prices in order to generate interest, stating: ‘Some properties have had their prices dropped by 10% or more.’
The East Midlands is thought to have been one of the hardest hit areas in terms of falling property prices, and according to Right Move the past year is the past year has seen the lowest house price inflation levels for two years.
Tom Smith
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