Average house price down £34k
PEOPLE selling houses are increasingly having to lower their expectations, with the average price falling again, latest figures have shown.
The average local market house price has dropped by almost £34,000, or 7.6%, in the last year, to stand at £412,792.
Transaction numbers, however, are holding up, with a 7% year-on-year increase to 159 local market sales, an indication that the market correction continues.
'The increase in total property sales year-on-year is to be welcomed,' a Policy & Resources spokesman said.
'When combined with the decrease in average property sale price, the figures appear to suggest that asking prices are likely being set at a more realistic level for the current market. This readjustment will result in a more affordable market as a multiple of average earnings.'
