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A bleak August for housing market

Published:: 01 September 2008
Topic:: News,Money,Mortgages

House prices fell again during August making it the 11th month in a row in which the value of the average home has decreased, according to housing information group Hometrack.

The average home lost 0.9% of its value during the month, only a slight moderation from the 1.2% fall recorded during July.

Other market indicators worsened during the month, including a 5.3% fall in the number of new buyers registering with agents and an increase in the average length of time a home takes to sell to 11.3 weeks.

But the asking price sellers are achieving stabilised at just under 91%, although it still remains 4.7% down on the spring of 2007.

Richard Donnell, Hometrack's director of research, said, the market is now well into the process of reaching realistic levels. He said a small but growing proportion of agents were reporting improved signs of buyer interest on the back of lower prices.

Overall, house prices in 58.9% of postcodes in England and Wales fell in August, to leave the average home costing £167,000. The South West of the country and Greater London saw the biggest drop of 1.1%, followed by East Anglia at 1%. West Midlands and Yorkshire and Humberside, dropped just 0.6%.