Residential conveyancing news: House prices fall for fourth month in a row

Posted 02/11/2010

Now could be a good time for would-be homebuyers to seek the advice of residential conveyancing solicitors with a view to purchasing a property.

A survey by Hometrack showed that house prices fell by 0.1 per cent in October 2010, the fourth month in a row that a decrease has been registered.

This was the first year-on-year fall since January and meant that 56 per cent of postcode areas saw their property prices fall.

Hometrack representative Richard Donnell said: “The re-pricing process is likely to be drawn out into the first half of 2011.”

An increase in the number of homes on the market could mean that buyers have the upper hand when putting in offers, as the average property is now selling for 92.7 per cent of its asking price.

Last month, a report from Ernst and Young predicted that UK house prices are likely to see a “soft patch” in the coming months, falling by up to five per cent by the end of the year.