House prices set to drop further, sales depressed

Estate agents’ association NVM expects house prices for the whole of 2011 to drop by 5%. It also reports a drop of 14.3% in the number of homes changing hands in the first quarter of 2011.

The average price of a house in the first quarter of 2011 fell 1% compared with the last quarter of 2010 and is 1.6% down on the year earlier period.
The fall of 14.6% in the number of transactions makes the first quarter of 2011 the worst period for house sales since the depth of the financial crisis in 2009.
The NVM is asking banks to do more for lenders looking for a mortgage. Chairman Ger Hukker says the banks ‘have gone too far in their risk-averse behaviour’.

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