House prices fell by a record 8.6% during the year to the end of November, government figures showed today.
UK homes lost a further 1.9% of their value during the month, pushing their average price down to £199,732 – the first time the figure has dipped below £200,000 since November 2006, according to the Department of Communities and Local Government.
The data came as the Royal Institution of Chartered Surveyors said the number of homes changing hands had fallen to a new record low during the three months to the end of December at an average of just 10.1 sales per chartered surveyor estate agent.
Despite the recent slump, most buy-to-let landlords say they intend to hang on to their properties.
New research from the Association of Residential Letting Agents (ARLA) has found that the proportion of landlords who say they do not expect to sell has risen from 77% to 88% over the last three months.
Energy Performance Certificate
The survey – the largest of its kind in the private rented sector – also reported that three quarters of all landlords are waiting for their next tenancy change before getting their now mandatory Energy Performance Certificates (EPCs). However, 95% are aware of the requirements for tenancy deposit protection (TDP).
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