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Loughborough House Prices
Posted on 13/12/07
P. Klein
Figures just released by the Land Registry have shown that house prices in the East Midlands continued to fall in October 2007 giving an indication of what is happening to house prices in Loughborough and the rest of Charnwood. House prices in the East Midlands fell by 0.1 % in October. This follows a fall of 0.2% in September and a fall of 1.1% in August. This comes at a time when house prices are falling at the fastest rate ever recorded.
Nationally house prices rose by 0.4% during the month, however for the past few months the East Midlands is suffering from price deflation. The largest rise in October was seen in Yorkshire and the Humber area with prices increasing at 2%. Worst hit was the West Midlands where prices fell a whopping 0.7%
The number of sales has also fallen and is now as low as it was in 2005. The number of house sales in July of this year compared to July of last year was 18.8% lower (properties under 200k).
The Royal Institute of Chartered Surveyors (RICS) have said that the number of properties remaining on estate agents books sky rocketed by 8.7pc during November 2007, following a massive 9.7pc rise in October 2007.
Price expectations have now reached the lowest level since the RICS introduced the question to its monthly survey almost 10 years ago, and this expectation is no doubt going to have a knock on effect in future months.
An indication of the effect of the house price fall call be seen by the length of time estate agent sign boards are displayed outside of properties in Loughborough. Local Loughborough home builder, William Davis, has also been reported as laying off staff because of the down turn.
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