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House prices fall again but expectations higher

Friday, 16 September 2011 3:41 PM

UK house prices fell for the 15th month in a row in September but at the slowest rate since July last year, according to a new index of how consumers perceive the property market.

Meanwhile, the Knight Frank/Markit September house price sentiment index (HPSI) says consumer expectations for price growth over the next 12 months rose to their highest level for over a year.

The survey of 1,500 households showed that 21 per cent believed the value of their property had fallen since August while 10 per cent felt it had risen.

That took the overall index to 44.7, up from 41.5 in August but anything below 50 indicates that prices are falling. The index is claimed to be a lead indicator of what will happen to house prices.

Prices fell in all regions, with the sharpest declines seen in the East Midlands, the North East and Yorkshire and the smallest in London and the East of England.

Gráinne Gilmore, head of UK residential research at Knight Frank, said: “The pick-up in sentiment, especially in the future HPSI, coincides with stronger signals from the Bank of England that interest rates are set to remain at ultra-low levels for a year or more.”

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