Briffy.com: Housing market is always sellers' or buyers'

Date:Monday 10th November 2008
Author:

The housing market is always in a state of being favourable to either buyers or sellers, it has been claimed.

David Amstell of online "virtual estate agent" Briffy.com said that the housing market is "never static" and is always "either a buyers' market or a sellers' market" with one group or the other being dissatisfied.

Acknowledging that prices have gone down, Mr Amstell said that when the situation has settled, prices will again increase "and then we will have other problems".

According to the Halifax House Price Index for October 2008, house prices dropped by 2.2 per cent in the month.

In October, they were 13.7 per cent lower on an annual basis, with the average UK price having gone to £168,031.

This is the same level as in October 2005.

In addition, the average UK house price is now 22 per cent higher than it was five years ago.