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UK House Prices Situation at 30 11 2007: Most areas experiencing small falls
UK House Prices Forecast: Continued weakening nationwide
Rightmove November Figures Show Falls Nationwide
Property website Rightmove has just published its House Price Index for November.
The index shows falls in the average house price in every area of England and Wales except Greater London. Some regions saw noticeably bigger falls than others:
•
West Midlands: -2.4%
• South East: -2.0%
• Yorkshire & Humberside: -1.9%
• North West: -1.7%
• South West: -1.6%
• North: -1.4%
• East Midlands: -0.6%
• East Anglia: -0.6%
• Wales: -0.1%
• Greater London: +2.3%
The falling trend nationwide pushed Rightmove's annualised average figure for house price inflation down from 10.4% in October to 7.9% in November.
Rightmove's Commercial Director Miles Shipside said that "Prices are set to flatline in 2008…there will be parts of the country that are over-priced and over-supplied for the likely levels of affordability and demand next year…"
Shipside suggested that sellers with properties already on the market should "seriously consider dropping your price and taking an offer now rather than holding out."
Rightmove's house price index is based on the asking prices of properties for sale through its website - which include those being sold by around 12,500 estate agencies in England and Wales.
HIPs To Be Extended to All Properties
The controversial Home Information Pack (HIP) scheme is to be extended to all properties sold in England and Wales from December 14th. It currently only applies to 3 and 4-bedroomed homes.
From 1st January, an exemption meaning that properties can go on the market before their HIPs have been completed will also be removed.
This will mean that sellers may have to wait up to two months for local authority searches and checks to be completed before they can advertise their property for sale.
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