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North most vulnerable to house price falls

Monday, 3 October 2011 12:00 AM

The end of this year will see an acceleration of house price falls with Northern England the most vulnerable, according to a report published by Hometrack.

The property analytics company said prices fell 0.1 per cent across the country in September. Prices have now fallen for 15 months in succession but the annual rate of decline was down slightly at 3.5 per cent.

However, it said a shift in the balance between supply and demand was starting to emerge, with September seeing the number of buyers fall for the seventh month in a row.

In the nine months to September the number of new properties coming on to the market grew by 22 per cent compared with an 11 per cent increased in demand.

Richard Donnell, director of research at Hometrack, said: "Events in the Eurozone, together with pressures on the domestic economy and household incomes are clearly taking their toll on consumer confidence. We expect demand to continue to slip back over the final few months of the year."

He said the relative strength of pricing, highlighted by the percentage of the asking price being achieved was weakest in the North East and North West of England.

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