80% of homes worth less than they were five years ago

New research by the property website Zoopla.co.uk shows that 3.5 million properties bought since 2006 are now worth less than what they were sold for. This figure equates to 80% of all homes since 2006. The study went on to conclude that many homeowners who have seen a drop in the value of their home and who want to move, are setting unrealistic sale prices which buyers will not pay and are therefore finding themselves stuck and unable to move. Nicholas Leeming, business development director at Zoopla.co.uk, said: "There is an unprecedented number of homeowners 'stuck' with homes they bought in recent years ...

House prices still falling reveals Royal Institute of Chartered Surveyors

House prices are set to fall further, according to data revealed by the Royal Institution of Chartered Surveyors (Rics). Over 44% of the 265 estate agents who participated in a Rics property market survey said they had witnessed a decline in prices over the last three months. Only 6% said that prices had increased, however, half of those polled said prices had remained stable. Ian Perry, Rics spokesman, said: "First-time buyers are in particularly short supply as the high deposits required by lenders prevent them from taking their first steps on the property ladder. Without sufficient demand, property prices continue to slip back".