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House Prices droped in November

[ Posted November 18th, 2009 ]

The asking prices for homes in London UK has dropped in November. According to figures from Rightmove, house prices will continue to drop for a few more months as sellers are settling for lower figures so as to clear up their property before the New Year.

 

The latest figures showed that asking prices in London were down 3.1% to an average of £226,440. The only places that are currently seeing lower averages are Yorkshire and Humberside. "We expect three months of asking price falls before a tentative recovery in early Spring, likely followed by pre-election jitters." Said Miles Shipside, commercial director for Rightmove.

 

But not all figures are bad as 2009 has shown a temporary recovery with average asking prices up 1.6% then a year ago. Even with that, many lenders are worried about what 2010 will hold as the property markets have not completely recovered and home buyers are still scarce as many financial institutions have tightened up lending policies.

 

All in all, many analysts are expecting a “modest increase” in new mortgages coming 2010, but the increase cannot be determined yet and while it might happen, the increase is not big enough to pull the housing market out of the slump it is currently in.

 
 
 
 
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