Rightmove reveals further house price falls

The property website said average asking prices fell by 2.3% this month to £217,808, after November's 2.9% fall. The firm says the annual rate improved slightly, revealing prices fell 6.3% in December, compared with 7.1% in November. Commenting on the figures, a spokesman for Rightmove, predicts asking prices could bottom out a further 10% down by the end of 2009. "Initial asking prices are now an average of 10.2% below the peak they hit in May of this year," he concludes. The fall in prices has benefited auctioneers however, who have seen an increase in the number of residential lots...