Hometrack predicts continuing house price fall
It will come as no surprise to many that house prices are set to fall in the new year. As unemployment increases, the effects of the recession are also hitting the housing market which is set to see a decline in average house price.
Hometrack, a property research group, have been predicted that the house prices will fall by one percent in the new year. They blame a shortage of available housing coupled with the economic downturn as one of the main contributors to the lack of growth in the housing market.
Hometrack did say that in localized areas house markets could see a different picture. Home in the south east have been bolstered by wealthier households not relying on big mortgages. These areas also experience a greater increase in pricing with London registering some of the highest house prices across the land.
Overall December saw a 1.9 percent drop in houses on the same time in 2008 and experts are not expecting a dramatic increase any time soon. New buyers also fell by 2.2 percent on the registers of estate agents and this only contributes to the downward momentum of house prices.
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