Property Price Drops Increase in October

Press release: 20 Nov 2008

UK housing market analysis by Home.co.uk, the property search engine, reveals that 200,000 house prices were cut by sellers whilst on the market last month, up from 187,000 in September.

The average property price drop in England and Wales in October was £20,194, which is £1,235 deeper than the average drop in September. Overall asking prices fell 1.3%, in England and Wales in October, knocking over £3,200 off the average asking price in just one month.

"The downward trend in asking prices is steepening," commented Doug Shephard, Business Development Director at Home.co.uk, "which clearly indicates that market sentiment is still deteriorating."

The Home.co.uk Asking Price report, released earlier this month, also revealed that house prices in London and the East Midlands were worst hit over the last six months falling by 4.1% and 5.4% respectively.

Over the same period, Wales and the North East of England suffered the least, registering falls in market house prices of 2.0% and 2.3%.

Asking Prices for homes in England and Wales have fallen 3.7% since November 07.

Notes for Editors

Over the last 28 years, Home.co.uk has become established as a dynamic, innovative and ethical service. By providing the UK's most comprehensive Property Search and Estate Agents directory coupled with detailed House Price analysis, Home.co.uk delivers the real power of the Internet to inform and empower estate agents, homebuyers, renters, landlords and sellers in across the UK.