UK House Prices -The next bubble waiting to burst ??
Belize1970 - Mon, 19 Dec 05 :
Property survey finds 1.3% drop in prices
By Jim Pickard,Property Correspondent
Published: December 19 2005 02:00 | Last updated: December 19 2005 02:00
The uncertain state of the housing market is emphasised by a survey today which suggests that house prices fell by 1.3 per cent in 2005. If accurate, this would be the first full year in which prices have fallen since the last recession.
Only three out of 58 areas of the country saw slim rises during the year - central London, West Yorkshire and Derbyshire - according to the Hometrack figures, which cover the 12 months to December.
The biggest falls were 7 per cent in Milton Keynes; 6 per cent in Lincoln; 5 per cent in Leicester and 4 per cent in Plymouth.
Figures from Hometrack, an online estate agency, have been under scrutiny after seriously underestimating house price growth last year.
But the group says its survey of 7,500 estate agents gives an accurate picture of the market.
Richard Donnell, director of research, predicted price rises of just 1 per cent for 2006. He forecast small price falls outside the south-east and Scotland.
