Trend in house prices continues modest decline

The Halifax House Price Index for April 2011 reports a -3.7% annual fall in prices. During the last quarter prices fell by -1.2% and over the last month prices were down by -1.4%. The average house price is now £160,395.

Commenting, Martin Ellis, housing economist, said: "The latest figures show that the underlying trend in house prices continues to be one of modest decline. Prices in the three months to April were 1.2% lower than in the previous three months. There was a 1.4% fall in prices in April following no change in March.

"Weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices. Signs of a modest tightening in housing market conditions, a relatively low burden of servicing mortgage debt and an increase in the number of people in employment are all likely to be providing support for house prices, curbing the pace of decline. There are signs that house sales are stabilising albeit at a level lower than the historical average."

David Gilmore from imove Cornwall, the UK’s first not-for-profit estate agents based in Wadebridge and Truro, says “Sellers need to be careful in these uncertain times. There are buyers who are actively seeking properties, but they are looking for a good deal.  This means that sellers need to select a competitive asking price to entice buyers.  This is of course difficult when many people have seen their equity slowly depleted over recent years”.

imove Cornwall provides a cost-effective platform for home owners to sell their property for a one-off cost of £399, with no VAT.  All profits from imove Cornwall are donated to local charities and other good causes.

“Our solution is to offer house sellers a low one-off fee of just £399” says Gilmore. “People using imove will save thousands of pounds in moving costs and we would encourage people to use those savings to lower their asking price to entice buyers”.

http://www.imovecornwall.org/