Assetz® News - UK property prices dip by 0.7% in September
House prices fell for the sixth consecutive month during September dipping by 0.7%, official figures show.
The figures, which have not been seasonally adjusted, show a year-on-year decline with the average UK house sold for £207,326, the Department for Communities and Local Government (CLG) said.
The typical price is now 1.4% lower than during the same period in 2010. It is predicted that prices could fall further due to the current reduction on purchasing power.
By mid-2012 prices could be set to drop by around 5%, Howard Archer, chief UK and European economist at IHS Global Insight, predicted.
The falls reflect a decline in consumer confidence against a bleak outlook for the eurozone.
He said: "We suspect that squeezed purchasing power, a now markedly weakening labour market, ongoing tight fiscal policy and major concerns over the economic outlook will limit potential buyers and weigh down on house prices over late-2011 and the first half of 2012."
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