U.K. Sees Negative Annual Rate of Home Price Inflation; Home Prices Fall for Seventh Consecutive Month

London–For the first time since the U.K. housing market decline began, the annual rate of home price inflation has hit negative levels, according to London-based property analyst Hometrack. Home prices dropped by 0.6 percent in April, making the market 0.9 percent lower than a year ago, the Independent reported Monday.April was the seventh month in a row of declining home prices. The average time a home sat on the market rose from 8.5 weeks in March to 9.1 weeks; the asking price a property sold for also dropped, falling from 93.5 percent of the asking price to 93 percent.