Property prices 'will continue' to fall

Posted: 20 Jul 2010 11:09:00 GMT

Property prices will fall during the remainder of this year, as the market is now in the doldrums.

That is the view of David Amstell, founder of Briffy.com, who said the housing sector has already peaked.

He noted the drop in property prices just goes to show how depressed the sector actually is.

"If there were buyers out there and there was a strong buyer market, then prices wouldn't drop. It is an indication that people aren't buying," Mr Amstell added.

He explained there will still be properties available to buy and sell, but stated demand is not at full strength and is like a tap being turned on to the halfway mark.

Mr Amstell's comments follow the release of figures from Rightmove, which revealed those selling up have dropped their asking prices for the first time this year.

The average cost of an abode now stands at £236,332, following the 0.6 per cent fall that occurred this month.


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