Monday, September 29, 2008
Hometrack: -1% MoM, -6.2% YoY
British house prices fell for a 12th month running in September to stand 6.2 percent lower than they were a year ago, a survey by Hometrack showed on Monday. The drop of 1.0 percent on the month to £165,300 pounds was bigger than the 0.9% decline in August and suggests the government's decision to raise the threshold for stamp duty has done little to support the housing market. Richard Donnell, Hometrack's director of research, said, "Looking ahead it is very hard to identify the mechanisms by which the current cycle of weak confidence, declining sales volumes and falling prices can be reversed in the near future." Properties in September typically took almost twice as long to sell as last year -- and the percentage of the asking price being achieved fell to the lowest level on record.