House prices drop in October

House prices fell for the first time in two years in October, which is bad news if you are looking for someone to buy your property.

[UKPRwire, Tue Oct 30 2007] Figures from Hometrack show that prices dropped by 0.1 per cent between September and October, with high interest rates and a lack of confidence in the market being blamed for the slump.

Annual inflation in England and Wales also suffered, dropping to 4.4 per cent in the month - its weakest rate for more than a year.

Many homeowners may now be considering a quick property sale as Richard Donnell from Hometrack warns that things look set to get worse.

"A further decline in sales volumes is inevitable over the months ahead," commented the firm's director of research.

The research also revealed that the number of agreed sales plummeted in October, falling by 4.8 per cent.

Julian King of National Homebuyers says, "Many homeowners have found it necessary to opt for a quick property sale, usually because of financial problems.

"Today we are seeing a surge in enquiries from people who are looking for a fast property sale because they understand that the immediate future is not so rosy.

"People are finding alternatives to the open market sales route as the amount of time it takes to sell a property is painful. As more properties are added to the market next year and fewer buyers are available, we would not be surprised if the average time to sell a property takes up to 6 months".

Mr King is a director of National Homebuyers, the Sussex-based company guarantees a quick purchase for vendors who need a fast property sale.

Estate agents also witnessed a drop in the number of people registering to buy a home, with the figure slumping by 6.4 per cent in the month.