Price dip ‘good for buyers’

The slight reduction in the average house price in England and Wales during August could be positive for first-time buyers, it has been suggested.

Land Registry figures showed a 0.1 per cent fall in the average home sale value to £155,968.

Founder of property website Briffy.com David Amstell remarked: “Obviously, for new people coming into the market, it’s good that the market is low.”

He added that some may think of waiting for prices to fall further, but commented: “I don’t know if that’s necessarily the sensible way to go.”

Those looking for mortgages may note that the annual rate of house price fall has continued to ease.

The Land Registry’s August figure put the fall at 9.4 per cent, compared with 11.7 per cent in July.

A major reason for such a reduction in the rate of price decline is the month-month elimination of periods of larger drops in 2008 from the calculation.

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