Selling a house is taking longer than at any time in the last six years, adding to the growing evidence of a housing slowdown, according to a survey of estate agents to be published today. Financial Times, The Independent, The Times, Daily Telegraph
The slide in house prices is gathering pace, amid signs that house builders are digging in for a prolonged residential property freeze. Tulloch Homes, a medium-sized Scottish housebuilder, pulled plans yesterday for a £200m flotation.
House prices fell by 0.3% in December from November – the third consecutive monthly drop – according to Hometrack, while the average time to sell was 8.3 weeks, the longest since the survey began in 2001.
For the year as a whole, house prices rose by 3%, about half the rate of growth in 2006, but almost all the rise came in the first half of the year.