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UK Nov. Home Prices Fall 1.1% m/m, Down 8.1% y/y -- Hometrack

Posted:01/12/2008 0:43 by Stephanie Sprague
UK home prices fell an average of 1.1% in November from the prior month and contracted 8.1% from last year, according to Hometrack's monthly housing survey. A weak economic outlook, plus a limited availability of mortgages will likely weigh on prices through 2009, it said. However, transaction volumes may be close to bottoming out. "The market has been stripped back to the bare bones and now comprises just a relatively small number of committed buyers able to access finance, and needs based sellers who are having to become more realistic on pricing," said Richard Donnell, Hometrack's research director. Hometrack said fiscal measures announced in the UK government's recent pre-budget report will likely have little direct affect in teh short term, and despite a drastic loosening in monetary policy, mortgage rates "remain relatively high." click here to return to the top of the page
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