Property price falls continue

04-Dec-2008

House prices in the UK are continuing to decline, which could benefit first time buyers (FTBs) looking to get onto the property ladder.

FTBs might consider shared ownership or parental help as they look to take advantage of current stamp duty concessions on homes valued at £175,000 or less.

According to Hometrack's latest statistics, house prices have reached a year-on-year decline of 8.1 per cent, with values falling by 1.1 per cent last month compared to 1.3 per cent in November.

Richard Donnell, director of research at the firm, said the weak economic outlook and limited availability of mortgage finance at present will generate a downward pressure on house prices into 2009.

"All the indicators from the latest survey point to a continued fall in property prices in the short term," he commented.

Meanwhile, a residential house price survey by the Centre for Economics and Business Research, conducted for Chesterton, found that prices are now 11.7 per cent lower, on average, compared to November 2007.

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