Monday, October 27, 2008
Hometrack: -1.3% MoM, -7.3% YoY
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.