According to Rightmove in the UK there has been a 3% drop in house prices in November. This is the fifth fall in the last 6 months.
Predictions for 2011 bring little hope of better things. The best outlook is that prices remain steady, but some say that prices will fall 5% next year, driven by rising interest rates, unemployment and repossessions.
My personal finger on the pulse, gained from talking with people looking to sell and head for Canada, is that gloom and doom is not everywhere. There are areas which are popular because of location, schools and amenities – and these will continue to attract buyers.
Here in B.C., the market remains fairly robust, with prices edging upwards despite lower than usual sales volumes. Unfortunately this means that those moving from the UK are faced with a widening gap between their house price and those in British Columbia.