British house prices dropped for the eighth month in a row

Discussion in 'Economics' started by ASusilovic, May 26, 2008.

  1. British house prices dropped for the eighth month in a row in May as buyers continued to avoid the market, housing data provider Hometrack said Monday.
    Hometrack's monthly survey found the average British house price saw a 0.5% monthly fall in May, following a 0.6% drop in April. Prices were down 1.9% compared to May 2007, the lowest level since November 2005.
    While the monthly drop was slightly smaller in May than April, it's "too early to say whether the level of monthly falls will now start to moderate as this will require an improvement in demand and sales agreed which are both linked to overall buyer confidence," said Hometrack research director Richard Donnell.
    "The current trends in the survey indicate that pricing looks set to remain under downward pressure over the coming months," he said.
    Donnell said a "buyer's strike" continued to weigh on the market, with the volume of people registering with real estate agents on the decline.
    Hometrack found a 6.7% drop in registrations in May, following a 2.8% drop in April. Meanwhile the supply of houses on the market continued to rise and is up 7% in the last two months and 20% since February, Hometrack said.{FAAA89B0-4369-4735-B75E-C4826D26DBDC}

    Falling, dropping, depreciating in price, loosing value, writing down...