Monday, October 27, 2008

Hometrack: -1.3% MoM, -7.3% YoY

UK house prices fall at record pace in October

U.K. house prices fell at the sharpest rate on record in October both on the month and the year, and they look set to continue plunging, a survey by Hometrack showed Monday. House prices fell 1.3% from September and by 7.3% on the year. Both declines were the largest since the survey began in July 2000. In September, house prices fell 1.0% on the month and 6.2% on year. Richard Donnell, Hometrack's director of research said:"The expectation of a forthcoming recession and rising unemployment will further undermine demand for housing and continued price falls are inevitable in the months ahead." A separate report from the CEBR predicts the average property will fall in price by £50,000 by the end of next year to 2004 levels.

Posted by little professor @ 12:38 AM (710 views)
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