House prices fall for 15th month

03/10/2011

By Leo Stevens

House prices fell by 0.1% during September, new figures show.

The fall - the 15th consecutive monthly decrease - came after property analyst Hometrack's monthly report predicted that the downward trend would intensify as supply has grown at twice the rate of demand.

The number of properties being put up for sale in the nine months to September grew by 22 per cent, whereas demand for properties only grew by 11 per cent.

Meanwhile, fresh demand for houses fell in September with estate agents revealing a 2.6 per cent decrease in buyers, following a 1.2 per cent decline in August.

Uncertainty concerning the UK and European economies is likely to dent consumer confidence and curtail property demand even further in the coming months.

Richard Donnell, director of research at Hometrack, said: "On the supply side, the number of new properties coming to the market in the nine months up until September grew at twice the rate of demand."