Hometrack: UK property prices fell 1% in 2010
Finance April 2nd, 2010
UK house prices will fall next year as rising unemployment and concerns about demand freeze government fiscal limitations, Hometrack said.
Property values going down 1% after stagnating in 2009, says research group based in London is in a statement today. Prices had risen 0.1% in December from the previous month to the average level of 156,900 pounds (U.S. $ 250,000).
The economic decline has made as many as 600,000 people lost their jobs better, and that number rises as the British bepeluang rose from recession oldest in the record. Prime Minister Gordon Brown and Conservative opposition was seeking some way to prevent the budget deficit reached a record after the general election, scheduled to be held in June.
The deficit for the availability of homes sold will support prices, Hometrack said. Sales volume will increase to around 780,000 in 2010 from 700,000 in 2009.
For this month, as many as four of the 10 regions tracked showed Hometrack price increases, while the remainder showed no change. The increase was driven by the region and South East London, where prices had 0.2% gain. Prices in all areas England and Wales fell 1.9% compared to a year ago.
Other property data indicate the potential chaos ended. Prices had risen 2.7% in November from the level a year ago to an average of 162,764 pounds, says Nationwide Building Society on 1 December. This value is 13% below the highest level in October 2007.
A separate report today showed as many as four out of five retailers expect sales in 2010 will be the same as this year, said the British Retail Consortium. None of said sales would be worse, and the fifth predicted increase.
Greatest risk to the sales come from weak consumer demand and rising unemployment, said the BRC, which refers to a survey of 19 members on 1-10 December.
