House prices have already fallen by nearly a fifth since the second quarter of 2007, according to the Liberal Democrats.
Lord Oakeshott, Treasury spokesperson for the Lib Dems, says auction prices show the true extent of the housing downturn, as they are instantaneous sales. According to the Lib Dems, the average price of a house sold at Auction in the second quarter of 2008 was £138,857, down 18.7% from £170,757 in the same period last year. The news follows figures from Halifax suggesting prices were down 8.8% on a smoothed basis, and over 10% based on nominal values in July 2008. Lord Oakeshott comments: “Auctions are the real deal with real buyers who have to exchange contracts and pay their deposit...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
