The average cost of a home in the UK fell for the tenth row in succession in July, new figures for the housing market show.
Coming just days after
Hometrack reported that many sellers are now being forced to let go of their
homes for 91 per cent of the amount that they had originally aimed for, new
research from the same company has shown that
prices went down by 1.2 per cent last month.
This means that the average cost of a home now stands at £168,500, on a par with October 2006 levels, with the company's research director Richard Donnell warning that things look set to get worse before they get any better.
"With no immediate end in sight to the current uncertainty, activity levels are likely to remain suppressed, with
prices remaining under pressure into the autumn," he said.
The news is likely to come as a further blow to those looking to sell their homes, with many to choose to stay put and maybe make use of storage facilities until the market is right to make a move.
© Adfero Ltd