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Signs of optimism but prices continue to fall.
(From The Journal)
Byline: Karen Wilson
THE number of homes changing hands increased for the first time in five months during October, but prices continued to slide, according to figures this week.
The average property in England and Wales lost a further 1.3% of its value during the month. The latest fall left homes costing around pounds 163,200, 7.3% less than a year ago and at a level last seen in March 2006, says Hometrack. But the number of properties sold rose by 5.4% during the month, the first increase in transactions since April.
The group said the jump could be early evidence that vendors were finally starting to accept lower offers on their homes after a long standoff, and this could help to free up the current logjam in transactions.
Chris Stonock, regional manager of Halifax Estate Agency, has been in the property business for 35 years and has experienced several periods of falling prices in the past.
"This time around, sellers have been much quicker to accept price falls as it's always on the news and in everyone's face at the moment," he said. "You've got to get people to see a property in order to fall in love ...
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