6
Sep
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".