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House prices down 10% year-on-year

Property prices down.New research has shown that house prices are down ten per cent compared to 12 months ago but sellers are achieving their desired asking price.Property owners in the UK could look to improve their homes rather than sell as new figures show house prices are over ten per cent less at this stage last year.

New research by property data firm Hometrack shows house prices fell by 10.1 per cent during April year-on-year.

As a result of the price drops, a growing number of property owners could be tempted stay put and begin looking for home improvement quotes to improve their current house.

The study also found that sellers are achieving desired sale prices more realistically, with 89.6 per cent getting their asking price, which was the highest percentage since September 2008 and could be good news for people looking to undertake home improvement in order to raise the value of their property.

Richard Donnell, Hometrack director of research, said: "Only when first-time buyers feel confident to enter the market in significant numbers can we really start to claim any 'real' green shoots of recovery."

Property website iammoving.com recently claimed that consumers in the UK have a "latent need to move" which could see an increase in property transactions during the spring.
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Article Added: 28/04/2009 11:36:51
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