UK House Prices Situation: Stagnating generally - slight falls

UK House Prices Forecast: At least 5% - 10% drop expected by end 2009

"Sellers Face Reality" - Rightmove Publishes Latest House Price Figures

Leading property website Rightmove has this week published its latest house price index, charting asking prices for properties placed on the market in the last month.

The survey recorded a 0.1% fall in average asking prices over the last month - as opposed to the 0.8% rise seen in March. Rightmove's annual average increase fell from 5% in March to 1.3% in April, while the average time on market for each property increased from 82 to 85 days.

Rightmove's regional breakdown of house prices showed how buyers in some areas are still placing properties on the market with increased asking prices - although most evidence suggests that actual sale prices are at best stagnating (prices in brackets are annual figures):

• East Anglia: 5.5% (2.8%)
• West Midlands: 2.9% (0.0%)
• South West: 2.3% (2.1%)
• North: 0.8% (0.3%)
• East Midlands: 0.6% (0.6%)
• Wales: 0.1% (1.2%)
• Yorkshire & Humberside: 0.1% (-1.9%)
• South East: -0.1% (1.8%)
• Greater London: -0.9% (6.2%)
• North West: -1.4% (-4.2%)

Commenting on the results, Rightmove Commercial Director Miles Shipside said that "Buyers who have saved through the winter and are now emerging to enter the spring market will find there are deals to be had. It’s a buyers’ market, but only if that buyer is buying for cash or can put down a good deposit."

Shipside added that "In spite of challenging market conditions, sales have not ground to a halt, and deals are still being done."

Read our take on the Credit Crisis the effect on UK House Prices and Mortgages. A Special Report

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