House prices in England and Wales fell in January at their slowest annual rate since March 2008, according to property data company Hometrack yesterday.
Hometrack said house prices rose 0.1 per cent on the month in January to stand 0.8 per cent lower than a year ago.
That followed a 1.9 per cent annual decline in December.
‘An improvement in both market activity and prices over 2009 means we are starting 2010 from a higher base than 12 months ago. Today the proportion of the asking price being achieved is 93.5 per cent compared to 88 per cent at the start of 2009,’ said Richard Donnell, director of research at Hometrack.
‘We expect a continued scarcity of housing for sale in the year ahead, which itself will act as a support to pricing, but it is the outlook for demand that will be the key driver of price changes,’ Mr Donnell added.
The Hometrack figures contrast with other surveys which show house prices up in annual terms over the year.
Source : Business Times – 2 Feb 2010
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