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North East house prices 'falling'

Wednesday January 13th 2010

Property prices fell in most areas of the North East last month, indicating that the housing market in some regions continue to suffer despite the national trend towards recovery.

According to Government figures, UK house prices rose 1.7% in November, bumping the average cost up to £200,454. This is 0.6% more than November 2008, and is the first positive annual house inflation since June 2008, said the Department for Communities and Local Government (CLG).

Yet the gap between supply and demand narrowed during December, which caused the rate at which house prices are rising to falter, separate research from the Royal Institution of Chartered Surveyors (RICS) showed.

December figures showed 30% more surveyors saw price increases than those reporting a fall in values, which was lower than November's total of 35%.

The group blamed the slowdown on the market's traditional Christmas lull and more houses going up for sale, as evidenced by the fact more surveyors reported increased new instructions than those who saw a fall for the seventh consecutive month. At the same time, the number of surveyors reporting a rise in new buyer inquires was at its lowest since January 2009.

Copyright © Press Association 2010

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