House Prices Fell by 9.4% in 12 Months

Average house prices fell by -1% in January 2009 according to Hometrack's January Nation Housing Survey. This is the sixteenth month of consecutive price falls.
During the twelve months to January 2009 the average price fall was - 9.4%

Some Estate Agents have reported and increase in interest amongst buyers although property is staying on the market for longer. Less than 90% of sellers achieve their asking price. The signs are that prices will continue to fall in 2009 although Agents report price falls across 58% of the market compared to 75% in October 2008. So prices may be stabilising slightly.

The Director of Research at Hometrack Richard Donnell said that there have been modest reports of a pickup in buyer interest and more people are window- shopping and assessing prices. He added that whilst this is good news it might be dangerous to read too much into this at the moment.

After a year in denial most sellers have accepted that house prices have fallen and that realistic pricing is vital.

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