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Average house prices down 0.3% in 2012

Average house prices fell 0.3 per cent over the course of 2012 despite a fifth of the country reporting price rises.

Hometrack’s monthly national housing survey found 20 per cent of postcodes registered an increase in house prices over 2012, up from 12 per cent in 2011. This was offset by price falls in 66 per cent of the country.

Prices fell by 0.1 per cent in December – the sixth consecutive month of losses recorded by the survey.

Hometrack director of research Richard Donnell says: “Compared to 2011, 2012 saw an improvement in the housing market with an increased proportion of the country seeing prices rise over the year. Twenty per cent of postcodes registered an increase in prices over 2012, up from 12 per cent in 2011.

However, the improvement in some areas was not sufficient to offset the impact of price falls which were recorded across 66 per cent of the country. The net effect has been that average house prices have ended the year slightly down in the 12 months to December compared to a 2.3 per cent fall over 2011.”

Prices in London grew across 70 per cent of postcodes in 2012, up from 42 per cent in 2011. In London, the average time on the market is now six weeks, down from 6.5 weeks in 2011.

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