Duncan Lewis

Romford Office

Crime and Civil cases

house 40 staff

Homeowners wanting to sell their homes are staring at market of falling price

Date: (3 May 2012)    |    

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The news for property owners looking to put their property on the market is not that good and sure cause of worry as it has been revealed that house prices dropped by over £900 a week last month.
According to the Halifax Price Index, the average home now costs £159,883, down 2.4% per cent from £163,796 in March - the same level as in 2004.
Halifax said that early this year explosive market conditions prevailed in house prices as first time buyers were trying to beat the deadline to the ending of the stamp duty holiday in March.
House prices have now fallen 11.8 per cent since they reached their peak in October 2007.The figure is a UK average which does not take into account regional fluctuations.
In April 2010, as the property market hit a high point following its bounce back from the 2008/9 slump, the average price of a UK property was £168,593, Halifax said.
The average home has lost £10,000 since its high in 2010.
That rise in prices in the three-month period was the first increase on a quarterly basis since September, following six successive falls.
This week, Nationwide's house price index reported that property values last month saw a 0.2 per cent fall - the fourth month out of five that house prices have fallen.
Nationwide warned that house prices, which on average were also 0.9 per cent down on April last year, were set to stagnate or fall throughout 2012, as households' confidence lagged behind any possible economic recovery.
Martin Ellis, housing economist at Halifax, said there might have been a slight improvement in the basic trends in recent months, but house prices continued to lack real direction, with the current UK average price little different to where it was at the end of 2011.’