Property prices still falling, study finds
House prices in the UK are continuing to drop, it has been found.
The National Association of Estate Agents (NAEA) has revealed that the average value of a flat fell by more than £4,000 between October and November.
And the decline was even greater for a semi-detached house, at nearly £8,000.
The results may encourage anyone seeking a home in London to rent rather than buy, as purchasing at a time when prices are falling could lead to negative equity.
President of the NAEA Chris Brown remarked: "November … is always a quiet time for the housing market because people are reluctant to move home over the festive period."
The most recent Land Registry figures showed that London house prices had declined by nearly nine per cent over the last year.
Waltham Forest was particularly affected, with values in the borough dropping by 9.2 per cent.
Published 18th December, 2008
© 2008 Estates IT Limited
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House prices in the UK are continuing to drop, it has been found.