House prices continue decline

Published 02nd Mar 2009

House prices continued to fall in February, according to the Hometrack monthly housing survey published today.

The report, based on estate agents' estimates of achievable selling prices for properties, showed a 0.8 per cent decline last month, taking the average house price down by 10 per cent over the last 12 months.

But the survey showed the level of buyer registrations, sales agreed and new instructions all increased last month, reversing a downtrend seen over recent months. New buyer registrations rose 17 per cent while sales agreed increased by more than a third. Hometrack said the increases in activity were broadly in line with what it had seen for the same period in recent years, however.

"While the percentage increase in activity may appear relatively high, the underlying transaction levels of market activity are about 60 per cent lower than they were a year ago," said Richard Donnell of Hometrack. "This increase in activity is off a very low base and falls well short of what could be classified as 'green shoots' of recovery."

Source: ' FT '

View All Latest News