Liberal Democrats: Auction house prices have dropped 23%

Date:Friday 12th September 2008
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The average price of a home at an auction has fallen by more than 23 per cent in the past year, it has been claimed.

Figures released by the Liberal Democrat Party showed that approximately 3,993 houses were sold at auction between June and August.

They went for an average of £130,400 each.

That is 23.4 per cent less than the £170,300 figure recorded for the same period in 2007, the Liberal Democrats said.

The party's Treasury spokesman, Lord Oakeshott, said the figures were "dramatic" and that they demonstrated "just how fast house prices are falling at the sharp end".

Property prices in the UK are subject to a postcode lottery, it has been claimed.

A housing market survey by the Royal Institution of Chartered Surveyors, reported by the Times, found that the highest proportion of price falls are found in Yorkshire, Humberside and the East Midlands.

London and Scotland report the lowest.