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"Growing consumer concern over the outlook for the economy is beginning to impact directly on house prices"
- Richard Donnell, Hometrack's director of research
U.K. house prices declined for a sixth consecutive month in October, said property researcher Hometrack Ltd. The average price of a home dropped 0.2% from September and was down 2.8% from a previous year.
"Growing consumer concern over the outlook for the economy is beginning to impact directly on house prices," Richard Donnell, Hometrack's director of research, said in a statement. "The evidence is clear that buyers are drifting away from the market in the face of weak consumer confidence and concerns over the prospects for the economy and their household finances."
Prices in London stagnated after posting "above average price rises" in the previous months, Hometrack said. An expected "slowdown in the capital will have a knock-on impact on the scale of price changes nationally in the months ahead," added Mr. Donnell.