Research shows that demand from potential home buyers has started to fall at it’s fastest rate with the latest information from property intelligence group, HomeTrack showing the average price of a home in England and Wales falling 0.8% during November, following last months slide of 0.9%.
The average cost is now £155,000. Accompanying this fall is a drop in people actually looking to buy. Estate agents report a fall of 4.3% in new buyer registrations, the biggest fall since January 2009.
54% of postcodes have seen drops in prices with only 0.1% seeing any increase.
A mixture of a bleak outlook on the economy, coupled with a bearish general mood toward future house prices along with the catalyst effect of weak mortgage lending all contribute to this latest round of pricing data.
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