House price slide accelerating

House prices have fallen by their biggest margin since January last year, figures show.

Property intelligence group Hometrack reported that values fell by 0.9% in October - the fourth monthly decline in succession. The average home now costs £156,200. Hometrack said that further price falls are "inevitable" for the remainder of the year and into 2011.

The group explained that prices are being put under pressure by a combination of falling demand and rising supply. The figures reveal that price falls were recorded in 56% of postcode districts, with just 0.1% of areas bucking the trend.

The number of new buyers registering with estate agents dropped by 2% during October, while the number of people putting their homes up for sale continued to increase, rising 1.9%.

The supply of homes for sale has now increased by 14% during the past six months, but demand has fallen by 8% during the same period.

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