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Buy to let insurance customers 'could see house prices drop this year'
19 Jul 2010
Posted by Jonathan Walker
Landlords seeking buy to let property insurance cover for new properties may be pleased to hear that UK house prices are set to fall in the remainder of 2010, according to an industry expert.
David Amstell, founder of online property firm Briffy.com, suggested that the housing market had already "peaked" this year and that now is the "worst period in the whole year" for selling houses.
A seven per cent rise in asking prices seen in the first two quarters of 2010 is set to be wiped out by the end of the year, according to Rightmove.
The company also said that sellers had dropped their prices for the first time this year, with an average of 0.6 per cent reduction in July.
Mr Amstell commented that the fall in prices was an indication of how depressed the market remains.
He said: "If there were buyers out there and there was a strong buyer market, then prices wouldn't drop. It is an indication that people aren't buying."
