House prices have fallen further, according to the Hometrack monthly housing survey.
The analysis, which is based on estate agents’ estimates of achievable selling prices for properties, showed a 1% fall between its December and January surveys.
This is the price index’s 16th consecutive monthly fall and, over the year, the survey suggests house prices fell by 9.4 per cent while houses are on the market for 45 per cent longer before they are sold.
The survey also found that the number of new buyers registering an interest fell by 6.3% over the month. The number of house listings fell by 3.6% and the number of sales agreed fell by 5%.
It now takes more than three months to sell a house, the longest period on record.
Financial Times, Daily Telegraph