RSS FeedsHouse prices fall in November
20/11/2007
Latest industry news suggests that homeowners have been warned that the housing market has been affected again resulting in house prices to fall this month. The study carried out by Rightmove indicates the average asking prices of homes have plummeted by 0.7 percent since October taking the average price of a home to £239,986. The drop in value seems to have affected the rest of the UK apart from London. The West Midlands seems to have been hit greatly with a 2.4 per cent house price decline.
With all this market movement in mind sellers are reminded that they should consider lowering their initial selling price to get that all important sale. Commercial director, Mike Shipside for Rightmove stated “``If you have to sell, then seriously consider dropping your price and taking an offer now rather than holding out,'', he further added “You could be offered even less in a few months. Prices are set to flat-line.''. Industry statistics have shown that it is taking longer for people to sell their houses and the average number of days it takes to sell a property has steadily increased over the last 5 years.
Many industry specialists are predicting the property market is at a frail point at this moment in time a lot of this has been contributed due to rises in the Bank of England base rate and the 5 incremental interest rate hikes.
Future predictions show that the market is unlikely to get better for 2008 with factors such increases in interest rates, overpriced property and overall debt statistics it will take a while for the market to settle.