The asking price of a typical home has plunged more than £11,000 since October, research reveals today. Prices are dropping around £120 a day with experts warning that the year ahead looks bleak.
The report, by Britain's biggest property website Rightmove, reveals that prices have fallen for the third consecutive month. They have dropped by a total of nearly 5% since October, including a 0.8% decrease this month. It is a cruel blow for anybody who recently stretched themselves to the limit to buy a home.
The asking price of an 'average' home was £241,642 in October - but it has since dropped to only £230,428, a loss of £11,214. Overall, Rightmove said house prices have risen by 3.4% over the last year, the lowest annual increase for two years.