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Average house price falls by nearly £30,000

Posted by Robert Cumber on Dec 15, 09 05:42 PM in People

Homeowners in Hounslow suffered a blow this week as nearly £30,000 was wiped from the average house during a single month, according to new figures.

House prices in Hounslow fell by 6.2 per cent from November, the biggest drop in London, statistics from the UK's largest property website Rightmove show.

The huge fall means the average house in the borough is now worth £434,250, down 1.7 per cent from this time last year.

Across London, asking prices fell by an average of 1.2 per cent, with just eight out of 32 boroughs showing any growth.

Kingston was one of the few winners, with prices up by 2.6 per cent to just over £540,000, while at the other end of the scale prices in Kensington & Chelsea fell five per cent to £1.87 million.

As for next year, Rightmove predicts an early 'burst' in house prices will be cancelled out by post-election uncertainty, leaving house prices unchanged by the end of 2010.

Miles Shipside, commercial director of Rightmove, said: "Those contemplating selling should spend some of the festive break researching their local market before seeking professional opinion very soon after the new year begins.

"Time may well be of the essence as the election is likely to be a party pooper. 2009 turned out to be a good time to trade up, and we forecast the positive mood will continue into 2010 until the post-election hang-over kicks in."

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