6 Sep

Homebuyers 'to benefit from house value drop'

Homebuyers 'to benefit from house value drop'

Homebuyers looking to purchase a house for sale in the UK are likely to benefit from the recent drop in property prices.

This is according to recent figures from Nationwide, which revealed that the average value of a house fell by 0.9 per cent in August 2010.

During the previous month, values also dropped by 0.5 per cent on June's figures.

Nationwide's chief economist Martin Gahbauer said: "As more sellers have returned to the market, buyers have a greater selection of properties to choose from and more bargaining power with which to bid down asking prices."

The drop in values takes the average price of a property to £166,507 - a decline from £169,348 the previous month.

Director of MyMortgageDirect Catherine Hearnden recently advised homebuyers to be more confident about the property market.

She said that it is likely the industry has "been talked down rather it actually being down".ADNFCR-1222-ID-800053702-ADNFCR

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