The seasonal slowdown in the UK property market has started early,
with residential prices falling for the fifth month in a row. Average home values dropped by 0.8 per cent in November, according to the latest data from Hometrack.
This follows falls of 0.9 per cent in October and 0.4 per cent in September, the organisation explained. In addition, demand for real estate in the country fell by 4.3 per cent over the course of the month - the largest decline since January 2009.
Richard Donnell, director of research at Hometrack, commented: "The seasonal slowdown in the housing market has kicked in a month early, with demand for housing falling at the fastest rate for 20 months. Concerns over the economic outlook on the back of recent spending cuts, together with widespread expectations that house prices are set for a period of retrenchment, are driving the continued weakness in demand."
Meanwhile, for the first time in nine months, the survey also registered a decline in the number of properties for sale fell in November, falling by 0.4 per cent.
- Wednesday 01 December 2010