House price decline 'slowing'
Although there has recently been a slight dip in the average UK property price, these declines are slowing, it has been revealed.
The latest Land Registry House Price Index showed a dip of -0.1 per cent from July's figure, with the average home now priced at £155,968.
This was up from February's year-on-year low of -16.3 per cent and recorded sales also rose in each of the five months leading up to June 2009.
Such news may mean that property to rent in Wandsworth and other parts of London could be cheaper than buying a home, particularly as houses and flats in the capital can be higher than the national average.
Commenting on the findings, David Amstell, founder of property website Briffy.co.uk, said: "It's tough out there, money-wise, and there's not much confidence in the market."
He added that some people about to take their first steps on the property ladder may also wish to wait and see if prices drop any lower.
Written by Charles Mackay
Published 1st October, 2009
© 2009 Estates IT Limited
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