House prices fall by 0.1%
House prices in England and Wales have fallen by 0.1 per cent in the past month, according to a report published today.
Research by property website Hometrack showed the average cost of a home dropped to £176,100 during October, following two months in which prices remained unchanged.
Hometrack's director of research Richard Donnell said the fall in prices had been expected.
"After several months of weaker buyer confidence, falling levels of demand and declining sales volumes, prices were bound to be affected," explained Mr Donnell.
Meanwhile, a report by the Council of Mortgage Lenders (CML) has predicted house prices will rise by just one per cent during 2008.
The CML added that the fallout from the credit crunch would continue to affect both the housing and mortgage markets in 2008, and forecasted that the number of property sales would fall dramatically and gross mortgage lending would be much lower than in 2007.
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