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As Gordon Brown urges the rest of the world to follow his lead and pump billions of pounds of tax payer’s money into the banking system you could be mistaken for thinking that he has gone from zero...
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Thursday 3rd July 2008
It has been reported that the average house price fell by 1% during June, reducing the impact of May’s steady month and the fact that some were hoping that the trend would continue. Housing specialist Hometrack has released a report today which also suggests that the average house sale will now take around 10 weeks to compete, leaving many sellers at the mercy of the markets and buyers, who are in a stronger position.
Even after prices have fallen during 2008 there is also bad news on settlement prices with only 91.6% of properties now getting the asking price, as oppose to 92.3% in May. This has the knock on affect of pushing prices lower and lower, while buyers continue to offer under the asking price. There will come a point when buyers will see better value and more competition will ensure that prices move nearer to the advertised values.
At this moment in time it seems to be one thing after another for the UK house building sector, an area of the economy which had been the boiler room behind recent growth. It just shows how much the UK economy revolves around the property market and how fickle consumer sentiment can be.
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