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Those eager to buy a home in the months ahead might be encouraged by news that property values dropped by 0.9 per cent during August, according to research.

Nationwide released its latest figures, which showed that prices have fallen for two months in a row for the first time since February 2009.

And Martin Gahbauer, chief economist at Nationwide, suggested that the array of options being made available to consumers has become more plentiful.

He said the figures might represent a welcome trend, as in light of last year's price hikes, "the current correction is not an unhealthy development".

Mr Gahbauer added that the statistics indicate "buyers have a greater selection of properties to choose from and more bargaining power with which to bid down asking prices".

The news comes after Halifax released details of research which showed that 41 per cent of home buyers claim the quality of a location is their biggest priority when purchasing a property.

Posted by Richard Saunders
 

02/09/2010 17:07