Worldwide home values drop

Posted: 26 Nov 2008 12:15:08 GMT

House prices across the world have, for the first time, recorded negative growth during this year's third quarter, it has been reported.

Global house price research from Knight Frank shows that a 4.6 per cent drop in UK property values in the last three months made a noticeable impact on the overall 0.3 per cent drop in global house prices.

The sharpest falls, however, belong to the USA and Latvia, which noted house prices falling as much as 6.2 per cent in the third quarter this year.

Nicholas Barnes, head of international research at Knight Frank, was quoted in a bridgingandcommercial.com report as having said: "It is now clear that no part of the world is likely to escape the credit crunch as property prices start to fall in more and more parts of the globe.

"We expect that trend to continue with the majority of locations showing zero or negative growth by the end of the year."

With house prices falling and buyers becoming more powerful in the market any savings when selling a home are likely to be much appreciated by those trying to sell a property.

As such, avoiding estate agents' fees by selling a property online could be the most satisfactory way of selling up a home.

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