Average asking prices in England and Wales have slid into the red on an annual basis for the first time in 87 months.
The last time when annual house price movement turned negative was November 2011.
The average asking price is now just under £304,671, according to the website Home, or 0.2% down on this time a year ago.
The average asking price is also down by the same amount on a monthly basis, and has been falling steadily on a monthly basis since last summer – although measured annually, house price inflation has persisted.
The averages hide big differences: the largest regional monthly fall is in the south-west, at 0.6%.
In four regions prices have dropped since February last year. Home says that in these areas, price corrections are under way.
In London, asking prices are down 3.3% on 12 months ago and now stand at £514,812; in the south-east and east they are down 2.5% and 1.8% respectively; and in the south-west they are down 0.5% on an annual basis.
In the north-east, asking prices are just above stagnant. In all other remaining areas they are up – in Wales by over 6%.
The Home data – extracted from a large number of property websites and portals – also shows that houses are taking longer to sell, typically 114 days – six days longer than in February last year.
Over a quarter more properties (26.3%) had their prices cut last month than in January last year.
The bigger problem is that the difference between the average asking price and the average completed selling price is huge.
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Dwindling supply year on year and the poor ******* in corporate’s having to keep the numbers up*
*see Countrywide article above
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Not just the corporates!
Just watch the slide in prices/values as the Brexit farce gathers momentum.
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