Abbey: House prices will stop falling within a year

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Abbey: House prices will stop falling within a year

Most estate agents (61 per cent) believe house prices will stop falling within 12 months, according to research from Abbey Mortgages.

Homeowners expect prices to stop falling in seven months, with none thinking they will last longer than a year.

Most owners (79 per cent) are prepared to wait for any further house price drops before deciding whether or not to move.

At the same time, seven per cent intend to exploit price falls in the next year by buying a bargain and moving to a larger home, or selling up and moving to rented accommodation.

Of estate agents, 30 per cent think prices will stabilise within six months while 31 per cent believe it will take six to 12 months.

The research is based on 100 estate agents and 688 homeowners.

Information released by the Communities and Local Government department today (July 8th) show that the price of the average property fell by 0.3 per cent, or £724, between April and May.

The Guardian reported the statistics, which show the average house now costs £218,151 and that prices rose by 0.5 per cent in the quarter to the end of May.
ADNFCR-323-ID-18673751-ADNFCR

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