House prices continue to fall

Published:  01 November, 2010

LONDON: House prices in England and Wales dipped 0.1% in October from a year earlier, a survey by property data firm Hometrack showed today.

This is the first year-on-year fall since January.

Hometrack, which asks estate agents and surveyors to give achievable selling prices for different types of homes in every post code in England and Wales, said prices were down 0.9% on the month - the biggest monthly drop since January 2009.

The figures concur with other housing market surveys showing a broad slowdown in activity and prices. Analysts expect further decline as the economy slows next year when government spending cuts and tax rises start to bite.

"Further price falls are inevitable in the run up to Christmas and are likely to continue to fall into the first half of 2011," said Richard Donnell, director of research at Hometrack.

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