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UK housing market 'continues to fall'
According to new research, the UK housing market is "still on the way down" despite a continued slowdown in the annual house price decline.
Following the release of the Land Registry's latest House Price Index figures, founder of property website Briffy.com, David Amstell, predicted that the industry would struggle to fight a price slump in the present bleak financial landscape.
The Land Registry figures show that the cost of the average property fell for the first time in four months in September.
"I think the market is still dropping and the way the economy's going I don't think we're likely to be able to turn it around," Mr Amstell said.
There has been encouraging growth in the housing market that has seen year-on-year decline shrink from -16.3 per cent in February to -9.4 per cent in Augus, according to teh Land Registry.
Sales have grown nearly 22,400 during the period however property transactions have still been a third scarcer than in 2008, and Amstell believes positive projections are just "massaging the figures."
Nearly 50,000 houses were sold in June 2009 – a change of -17 per cent compared to June 2008 but up 22,400 from January 2009.