Letting agents advised of potential house price fall

News Category: Industry News

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Letting agents and landlords have been told that house prices will continue to fall until February 2010.

The latest Rightmove House Price Index has suggested that a 1.6 per cent decrease this month will be followed by further falls in December and January.

But letting agents and landlords were told to see the predictions as indications of traditional seasonal trends rather than as the beginning of dramatic house price decreases.

Miles Shipside, a commercial director at Rightmove, said: "In all but the most buoyant of markets, home moving comes second to Christmas festivities".

He added that his company therefore expects three months of price falls before a tentative recovery gets underway in early spring.

Last November, house prices fell by 2.9 per cent and in the same month in 2007, they went down by 0.7 per cent.

Another monthly house price index survey, carried out by FindaProperty.com, revealed that it had found asking prices for homes had dropped by 0.5 per cent so far this month.

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