Buyer delight as home values slide lower - Economy - News - Moneyfacts

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Buyer delight as home values slide lower

Buyer delight as home values slide lower

Category: Economy

Updated: 23/03/2011
First Published: 23/03/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Property values have slumped to an eight month low after having fallen every month since July last year, new research has revealed.

Property values in the UK have fallen 11% in that time, according to Zoopla.co.uk, and are currently 18% below the peak seen in October 2007.

Having hit a five-year low in February 2009, UK property values rose steadily during the rest of the year and throughout the first half of 2010, but have since fallen for the past eight months in a row.

Property prices in England have fallen by an average of £26,240 since last July, whilst in Scotland they are down on average by £21,489 and in Wales by £17,205.

The average home values now stand at £211,003 in England, £152,106 in Scotland and £143,182 in Wales.

Regionally, the North East has been hardest hit over the past few months, with London proving the most resilient.

According to the website, the recent dip is likely to have created a buying opportunity if prices start to pick up in the second half of the year, as many have predicted.

"Whilst it has been a challenging period for the property market over the past few months, the recent dip in prices and the notable variance between regions may have created some interesting buying opportunities," said Nick Leeming, business development director at the property website.

"The first half of 2010 provided strong gains in market values but, since last summer, economic uncertainty and lending constraints have eroded these gains and put downward pressure on house prices."

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