House prices fall for ninth month in-a-row
House prices in England and Wales fell for a ninth consecutive month in June, in a further sign of the credit crunch taking its toll on the property market.
A survey, conducted by property research company Hometrack, revealed that the average property price fell one per cent from May to £170,500, leaving average prices 3.2 per cent lower than last year.
The survey also revealed that the number of property sales is expected to fall to levels last seen in the 1970s, as the number of new buyers registering with Estate Agents falls by 5.4 per cent and the number of unsold properties on the market increases by 1.4 per cent.
Richard Donnell, Hometrack's director of research, said that all of these figures are contributing to the current crisis: "The net result is a sizeable drop in transaction volumes which look set to reach levels not seen since the 1970s.
"In the short term it seems inevitable that prices will continue to post modest falls until such time as confidence improves."
In further research by the Evening Standard, it has been revealed that the average price for a property for sale in London has fallen by £11,500 in the past year.
Published 30th June, 2008
© 2008 Estates IT Limited
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House prices in England and Wales fell for a ninth consecutive month in June, in a further sign of the credit crunch taking its toll on the property market.