14 Apr

House price fall 'losing momentum'

House price fall 'losing momentum'

A new property survey has suggested that the rate at which prices are declining has been slowing down.

The Financial Times house price index has revealed that the average figure has now dropped in each of the last 13 months, with the fall in March being 0.9 per cent.

Although this was more than the 0.8 per cent dip recorded in February, the 0.9 per cent monthly average for the first quarter of 2009 compares favourably with the 1.9 per cent seen in the final three months of last year.

Such a trend may suggest that the bottom of the market is nearing, potentially making now a good time to buy before values start to rise again.

The Halifax survey of prices in March also hinted that the decline may be slowing.

It revealed a 2.7 per cent fall during the first quarter, compared with an average of over five per cent per three-month period over the previous nine months of 2008.

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