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Housing Doom And Gloom Continues

News that house prices in England and Wales fell by an average 1% in June has poured more cold water on hopes of a quick recovery in the sector. The average UK house is now worth just over £180,000 which is a substantial fall from the £200,000 plus level seen last year. This is the 10th monthly fall in prices in a row and there seems no end in sight at the moment.

While 57,507 houses changed ownership in June, a slight rise on recent months, this is almost 40% below the figure for the corresponding period last year. Estate Agents are also reporting a substantial fall in enquiry numbers, something which is sure to pile yet more pressure onto the Estate Agency sector - with substantial job losses expected in the short to medium term.

On a more worrying note, the continuous fall in the price of homes in the UK has been constant rather than a knee jerk reaction. This would indicate that we have yet to reach the situation where panic sets in and home owners start to sell for crazy prices. This is a common characteristic of the stock market and one which many expect to be repeated in the property market at some stage. Once the sellers are out of the way, this then leaves the market at a level when buyers will come in and prices will slowly start to rise.

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