Vendors Hit By Fall in Property Prices
Saturday, January 31, 2009 8:43
Figures have shown that the house prices have fallen for the 16th month in a row during January, losing a further 1% of their value.
According to housing intelligence group Hometrack, the average property price in England and Wales has dropeed by 9.4% during the past 12 monthsto stand at 158300 pound. But there is evidence that homeowners are finally accepting that their homes are worth less than they previously thought, with nearly 15000 sellers slashing their asking prices during January.
Property website Globrix said it had seen a 111% jump in the number of sellers who cut their price during the first three weeks of the year, compared with Deceber, with people reducing them by an average of 21298 pound.
Greater London saw the steepest price falls, with homes in the capital losing 1.1% of their value, while East Anglia saw the lowest drop of 0.5%.
But, despite falling prices, the survey recorded a further reduction in the number of new sales being agreed. The average time it took for a property to sell increased to 12.3 weeks during the months, 45% more than a year ago.
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