Property prices set for further falls in 2011

Published by The Independent
on Saturday, 1 January 2011 By Sean O’Grady, Economics Editor
Prediction or will we do better than that? I really am looking for good news this year

Report shows end-of-year rebound for house values, but still £21,000 below peak
House prices ended 2010 broadly flat – with widening regional disparities and the prospect of weak or stagnant property values in 2011, as public spending cuts and job losses depress the market, especially outside the South and the East.

The Nationwide Building Society’s latest index of house prices shows a slight, 0.4 per cent, rise in average values in December, seasonally adjusted. Following falls of 0.7 per cent in October and 0.3 per cent in November, it leaves the trend over 2010 broadly flat. The average UK property as the year closed was worth £162,763, some 0.4 per cent up on the end of 2009.

Overall, prices are down …

Tags: cuts, depress, house prices, job loses, market, property, publick spending

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