House prices at lowest point in 21 months
May 11th, 2011 by Len
The Halifax has announced that the average cost of a home has fallen yet again in April. The average drop of 1.4% takes prices to their lowest level since July 09.
The year so far has seen house prices continue to fall, with the Halifax warning of an increase in the rate of decrease:
In Q1, houses are reported to have lost 0.6% of their values, while the three month period from February to the end of April saw a 1.2% decrease.
This second figure shows that property prices were 3.7% higher in the same period in 2010.
The decline is being blamed on a lack of demand which is forcing prices down. The current economic climate is discouraging buyers from looking to purchase and making it more difficult to secure mortgages.
Prices have been up and down during the past year, and despite their most recent figures, Halifax is predicting stabilisation in house sales and their prices.
In contrast with the 1.4% drop published by Halifax, Nationwide have reported a decrease of just 0.2% for the same period…
Either way, we’re not out of the woods yet.
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