Home asking prices hit post-recession lowWednesday, 12 January 2011 10:52
December saw a 0.4 per cent decline in the average UK asking price, meaning that the average going rate for a house in the UK is now at its lowest point since the recession began, according to the latest Asking Price Index from home.co.uk
The recent monthly decline means that asking prices are now even lower than they were during the April 2009 slump, with sellers cutting their prices to win buyers in a subdued market.
The home.co.uk report shows that 26,940 houses are currently on sale for a reduced price, fewer than in November, but 32 per cent more than in December 2009.
This can be largely put down to the amount of time it takes to sell the average house, with the median time on market rising for the fifth month in a row, to 148 days.
Homeowners in London, the East Midlands and Scotland have been the best insulated against these price falls, but every other UK region has seen an annual fall in the average house asking prices.