According to property research company Hometrack in November sellers had to take off almost 11 percent from the asking prices before they got a buyer, highlighting the property crisis is still deepening.

Just 18 months ago the asking price was dropped to an average of 95.7 percent to attract buyers according to Hometrack.

The information shows what drastic measure homeowners have to go to get a buyer for their property.
Nationwide Building Society, said in a report last week that house prices have dropped £25,000 in less than a year and that the decrease in property prices have continued for the last 13 months consecutively

However the Hometrack survey suggests that house prices have dropped 8.1 percent compared to a year ago putting the average house price today at £161,400 reporting less severe figures than Nationwide.

Source: Telegraph

For the tenth consecutive month British house prices have fallen, in July, housing data firm Hometrack reported 1.2% decrease as demand continues to fade.

Home prices are the same now as they were back in October 2006, which is an average price drop of 4.4% in the last 12 months.

The director of research at Hometrack Richard Donnell, says it’s simply because homeowners do not need to move, and that the purchasing volume has been the biggest decline in demand over the last 12 months.

Most homeowners who can stay put in their property have, so there hasn’t been any increase in supply of homes for sale in the last four months, although there has been a 20% drop in demand for purchasing property over the last 3 months.

Homeowners are not getting their full asking price for the properties they are selling, infact according to the hometrack survey, the proportion of the asking price has gone slipped from 91.6% to 90.9% over the last month, this against what homeowners got a year ago, 95.1% is making us all worry, it’s actually the lowest level drop since the survey began in 2001.

The report also showed that the average house price for July was £168,500.

Source: marketwatch

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