Public 'in the know' regarding property forecasts

Posted: 08 Jan 2009 11:28:19 GMT

            Property News - Public 'in the know' regarding property forecasts

The Guardian has published a regional breakdown of house prices across the UK, in coordination with Nationwide house price figures, which demonstrate that many consumers in the UK are particularly clued up regarding house price forecasts.

London, despite retaining its expensive price tag, experienced properties falling in value by over 15 per cent throughout last year, the report claimed: such a drop is equal to that experienced by homes in the rest of the country.

Average property in the capital now costs £257,963 - a full £80,000 more than the UK average of £171,924, making it largely unaffordable to most first-time buyers.

Acknowledging the accuracy of consumers' own forecasts regarding the future of the housing market, Nationwide's chief economist, Fionnuala Earley, said: "Consumers' views about the direction of house prices generally seem to concur with other macroeconomic data.

"Within England, London and the south-east might expect to be affected badly due to the combination of an employment shake-out in the financial sector and stretched affordability relative to other regions."

Homeowners hoping to sell a property in London before prices drop further may benefit from selling a property online, which could attract more bidders, pushing a price higher.

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