UK Money News
30th June 2008
House prices down 1% in June
UK house prices fell by one per cent during June, new figures from Hometrack have revealed.
The decline in prices during the month comes after falls in May and April of 0.5 per cent and 0.6 per cent respectively and is the ninth consecutive month in which a fall has been registered.
As a result, the average UK home is now worth 3.4 per cent less than it was at this time last year, according to the survey.
Richard Donnell, the site's director of research, said: "In the short term it seems inevitable that prices will continue to post modest falls until such time as confidence improves.
"The majority of homeowners simply do not need to move and will not do so until either their circumstances change or the outlook for the economy and mortgage rates becomes clearer."
Hometrack also detected a fall in the asking price being fetched by homes, with buyers now achieving around 91.6 per cent of their offer price.
This is down from 92.3 per cent in May.
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