According to property information group Hometrack, house prices fell by 0.1% during October as higher interest rates and falling confidence continued to impact on the market, the first time house prices had fallen for two years. It also added that the drop followed two months of stagnant growth, while the annual rate of house price inflation had also fallen to 4.4%. Richard Donnell, Hometrack’s director of research, said: “The fall in prices over October is not unexpected. After several months of weaker buyer confidence, falling levels of demand and declining sales volumes, prices were bound to be affected. We expect further small price falls in the months ahead, but these are likely to remain limited as there remains no evidence of any increase in the supply of homes for sale.”
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