"Glimmer" of hope as property price drop slows
Agents are reporting a "glimmer" of hope in the housing market.
Property prices fell for the 17th consecutive month in January, but the rate of decline was the smallest since July last year.
According to the Chesterton Humberts' CEBR House Price Polls of Polls, prices fell by an average of £2,818 in the first month of 2009. The average cost of a residential property in England and Wales is £167,751, which is 1.7 per cent lower than December. In London, this figure was 1.5 per cent.
While the shallower drop was welcomed by experts, house prices are now at their lowest level since September 2005, and the 15.3 per cent drop between January 2008 and 2009 is the largest since the Poll of Polls began.
Robert Bartlett, CEO of Chesterton Humberts, said: "As the New Year takes shape, we are seeing the first glimmer of house price positivity. As the rate of decline slows, confidence is beginning to return to the market.
"Vendors have finally become much more realistic in their expectations and most will still realise substantial gains in their asset value."
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This is just the kind of nuanced information the housing market needs. Talking down the market has become the stock in trade of the media's 'bad news is good news' approach. Nothing lasts forever; the recession will end, and housing needs will still exceed supply. Now is just the time for anyone with free cash to buy a house. In 3 - 5 years time, today's low prices will be ancient history.