Portal predicts 2009 buyer bonanza
Next year is set to be one of the best buyers’ markets ever, claims Home.co.uk.
The portal says its prediction is in light of the continuing downward trend of asking prices in all regions of England and Wales.
Its asking price index reveals that prices across the country fell a further 1.2% last month, with the average reduction in November amounting to £20,174.
The index reveals that the current average asking price is £244,602, representing a fall of 2.5% in Q4.
Doug Shepherd, business development director at Home.co.uk, says: “Notwithstanding the introduction of the perilous policies of state-subsidised borrowing or quantitative easing, 2009 will be one of the best buyers’ markets ever.
“Cash buyers or those with large deposits - 40% and more - will be able to secure a home for perhaps 30% less than the 2007 market value.”
Scotland is bucking the decline in asking prices, with asking prices for property north of the border having increased 2% in Q4. The average price of property in Scotland is currently £175,279.
On a regional basis, the average asking price of properties in East Anglia is £249,522, with prices having declined 3.6% in Q4 – the largest decline seen across the country.
The South East followed closely, with prices having declined 3.3% to £274,174. In contrast, prices in the North East declined the least, by 1.2% to £163,569.
Meanwhile, the FT House Price Index, compiled by research consultancy Acadametrics, reveals that the average price of all completed property transactions in England and Wales is now 8.2% lower than a year ago – the largest decrease in the index’s history.
Dr Peter Williams, chairman of Acadametrics, says: “The average price of a home in England and Wales peaked in February of this year at £231,853. Since then, it has fallen by £20,607 to £211,246. This takes the average price back to where it was in November 2006, some two years ago.”
London prices are also continuing their decline, narrowing the disparity between London and regional prices.