Concern as Denbighshire house prices fall £10k

Oct 1 2008 by David Rutland, Denbigh Visitor

PROPERTY owners across Denbighshire could be facing huge negative equity problems after house prices in the county took a dive.

Prices have plummeted an average of £10,000 over the last year - the biggest annual slump of any county in the UK.

New figures reveal house prices fell by a record 4.6% across England and Wales in the last year meaning average sales values have now returned to those last seen in spring 2007.

But year-on-year Denbighshire suffered the biggest average annual price fall of any county in Wales and England at 6.7%, which is almost £10,000 per property.

Estate agents have described the market as “bleak” with house prices being slashed by up to £28,000.

A spokeswoman for Thomas Estates in Rhyl said: “House prices here have dropped quite considerably and selling a house for £10,000 less is not uncommon.”

Sales volumes are at nearly half of last year’s level as would-be buyers either delay moving or struggle to raise the mortgage they need.