January Sees 7th Consecutive Monthly House Price Drop

 

Hometrack have reported that house prices in England & Wales have fallen for the seventh consecutive month in January 2011.

The housing information experts stated that house prices fell by 0.5% on the month to an average £153,600. Looking on an annual basis, house prices were also 2.2% lower in January.

Hometrack believes that house prices will continue their decline, especially with the current state of the economy and the Government’s cuts in expenditure.

Director of Research at Hometrack, Richard Donnell, stated that prices will “remain under downward pressure” in the short term.

Mr Donnell added: “Household budgets being squeezed by increased taxation will be stretched further if concerns over rising inflation translate into higher interest rates.”

At the same time, Hometrack expects instruction levels to fall in the coming months as sellers are either forced to lower their asking price or remove their home from the market.


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