Residential conveyancing news: House prices fell in December

Posted 10/01/2011

House prices in the UK were 0.9 per cent lower in December last year when compared to the previous quarter of 2010, news which may interest anyone looking to use a residential conveyancing solicitor to get a foot on the property ladder.

Commenting on the numbers, which came from the latest Halifax House Price Index, housing economist Martin Ellis said things are likely to stay broadly the same over the coming months.

“Looking forward, we expect limited movement in house prices during 2011 but with the risks on the downside. Interest rates are likely to remain very low for some time,” he predicted.

Mr Ellis pointed out that there have been a number of pointers suggesting that now may be an affordable time to buy.

In good news for first-time buyers, figures from Rightmove’s house price index showed that in December, those looking to sell their homes were forced to drop the asking price by around three per cent.

Falls in asking prices for homes fell in five out of the six months before December, the property firm noted.