House Price Update!
UK house prices have fallen for the eleventh month in a row.
It was recorded that a 12.4% annual drop in prices has pushed the cost of the average UK home down to £161,797, which means a drop of more than £20,000 in less than a year ago.
Lenders are also predicting that the next year will be difficult.
A spokesman from the Royal Institute of Chartered Surveyors claimed "The latest fall-out in the property market is not altogether surprising given the turmoil in financial markets over the past month,"
"The recent increase in some mortgage rates and the continuing squeeze on the supply of loans suggests that further price falls are likely over the coming months."
The climate certainly looks relatively bleak for the property market at present, with the financial markets coming under strong pressure and consumer confidence in decline. It may take a while for the economy to stabilise and once again become steady on its feet, but inevitably it appears that there is optimism about the fact that, as they always do, house prices will once again begin to rise. However this time that rise will be at a more leisurely and predictable rate.
(Thursday, October 2, 2008)