Market stable but growth unlikely
ANALYSIS of data from the leading house price indices shows that UK house prices fell slightly in the third quarter of 2011, but are down only 0.7 per cent in the last 12 months, according to Assetz.
Stuart Law, chief executive of Assetz, says: “There is a possibility that prices could fall back further given that we are seeing a very stable market overall.
“Our previous prediction of five per cent growth this year is no longer tenable given the limited progress made in the first three quarters, due to the impact of the Government’s austerity measures and the ongoing Euro-zone crisis.
“Unemployment, however, has not impacted on growth to the extent that was expected.”