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Hometrack: House prices fall again

A leading house price index has reported its sixth monthly fall in a row.

According to the latest Hometrack study, property prices fell by 0.2 per cent this month - dragging down the annual rate of inflation to 0.4 per cent.

The average time taken to sell a property also remained at eight and a half weeks - the longest since the survey began.

Director of research at Hometrack Richard Donnell said: "Some bounce-back in market activity was inevitable after what has been a prolonged period of weak market activity.

"However the growth in demand over the last two months is only a third of the level seen in previous years so the spring market is likely to be a non - event this year."

A weakening homes market is bad news for those hoping to remortgage - as it could lead to negative equity for many if the trend continues for long enough.

However, first time buyers can hope to pick up some good deals should a sharp price drop occur.

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