Burnham-On-Sea estate agents say gloomy property forecasts that claim property values are falling faster now than during the recession of the 1990s are not being seen in our area – although local prices have fallen back to 2006 levels.
Julian Frost of Abbott and Frost estate agents in College Street (pictured right) told Burnham-On-Sea.com on Thursday: “Prices may have fallen nationally by 6% over the year, but in the 1990s they fell almost 40% during 2-3 years, so the current falls are not nearly as steep.”
“Here in Burnham, we’ve certainly seen some price falls but they’re not nearly as severe as some parts of the country.”
“Prices have fallen back to 2006 levels – but we’re continuing to find buyers and sellers for properties,” he said.
“Estate agents in Burnham are not selling as much as they’d usually expect at this time of year, but I expect to see a bounce during the early winter later in the year.”
His comments came after the UK’s biggest mortgage lender, the Halifax, said house prices fell by 2% in June. The drop meant prices were 6.1% lower than a year ago.
