UK Property Prices to Fall in 2011 – Hometrack

The survey carried out by Hometrack - UK property analyst - showed that house prices continued their decline in November as the number of new buyers fell.

More than 5,000 estate agents that form the network of Hometrack registered a 0.8% fall in the value of UK properties. As for demand for British residential properties, it declined by 4.3%, marking the 5th consecutive month of decreases.

Hometrack experts are determined that house prices in the country will continue to fall next year. However, they said that the decline will not be dramatic (2% as a whole max) because supply is expected to be restricted.

Commenting on the findings of the survey, Mr. Donnell of Hometrack said that "the reality is that in the months ahead vendors will either need to reduce prices or withdraw property from the market."

It is important to note that the findings and forecasts of Hometrack are supported by data published by other UK property analysts, such as Land Registry and Nationwide.