U.K. House Prices Will Extend Declines in 2012, Hometrack Says

mystic_trev

U.K. house prices will extend declines in 2012 as rising unemployment and weak consumer cofidence erode demand, Hometrack Ltd. said.

The average cost of a home will drop 3 percent by December 2012, after decreasing 2.1 percent this year and 1.6 percent in 2010, the London-based property researcher said in an e-mailed report today. Values fell 0.2 percent this month from November.

http://www.bloomberg.com/news/2011-12-26/u-k-house-prices-will-extend-declines-in-2012-hometrack-says.html

Wutang_2

and a merry new year,

Nice article - do you speak?

MrRee_2

Not so in the South ... there is a boom in house sales down here - that can only result in higher prices as EA's ask another 10% over the price attained for the last property in the street which sold within an hour!

yertiz_2

MrRee wrote: »

Not so in the South ... there is a boom in house sales down here - that can only result in higher prices as EA's ask another 10% over the price attained for the last property in the street which sold within an hour!

Really, that quick, they must be queueing up at the EA's in your area; I'd be interested to know how you knew it sold (or is that SSTC) within an hour; did the EA tell you? I am in the S E Essex area and there are loads of houses that have had 'For Sale' signs up for months as FTB can't afford to get on the ladder. May be houses are cheaper in your area.

RenovationMan

For what it's worth I think we'll see a similar housing landscape in 2012 as we have seen in 2011 and 2010. Low transactions and small declines. Until we see a sustained recovery, only the brave will be looking to move onwards/upwards.