House prices fall as market at quietest level for 40 years

Hometrack's November index says prices continue to gradually decline as buyers dwindle.

The latest monthly report by property analysts Hometrack shows house prices falling slowly and the market at its quietest level for 40 years.

Its November survey shows prices fell by 0.2% month-on-month, with an annual fall of 2.3%. And new listings fell in November by 0.8% as the market continues to gradually decline.

The biggest price falls were in the South West, East Midlands and North West of Wales and Wales, where prices all fell by 0.3% in November.

Properties were on the market for an average of 9.9 weeks, with sellers achieving an average of 92.5% of their asking prices.

Hometrack says it expects to see price falls accelerate in the coming months as the number of buyers dwindles around the Christmas and New Year period.

The number of sales so far in 2011 is almost half that of 2007, according to Hometrack’s data.

More: House prices ‘unlikely to recover’, warns Bank economist | Why house price forecasts are dangerous

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