U.K. Sees Negative Annual Rate of Home Price Inflation; Home Prices Fall for Seventh Consecutive Month
- Apr 28, 2008
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.