Property Prices 08 10 2007 - News Archive

Property Prices

Whilst many areas in Wales and England are seeing a slow down in property prices, Scotland is yet to be affected. Property prices where up 0.7% in the last three months. Scotland does not have HIPs yet, they will have the Property Information Pack which is due to be introduced next year.

It’s a different story south of the border though with estate agents having unsold properties on their boards for months. Property valued at £200k is now being reduced to as little as £150k in a bid for the owners to secure any sales there are. Some areas such as Leeds, Nottingham and Birmingham have reported that property sales have ground to a halt and some homes are impossible to sell even with extreme price cuts.

Estate Agents say the combination of interest rate rises, the introduction of HIPs and Northern Rock has all contributed to the housing market slump. They also suggested that the true figure of how bad the market is at the moment is not yet known as the data is about three months behind.
 
:: Added on: 08:10:2007 ::

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