UK House Prices Fall 2.4% In May

UK House Prices Fall 2.4%

UK House Prices Fall 2.4%: The Halifax, Britain’s biggest mortgage lender as reported a 2.4 per cent fall in house prices in UK – May 2008.

UK House Prices Fall 2.4%:  It said that the annual fall in prices was the biggest it had seen since 1993. If prices continued falling at this present rate since the start of the year, then prices will fall by 16 per cent over the course of 2008.

house prices falling

This fall represents a 3.8 per cent reduction in prices when compared with the same period last year. The average price of a home now stands at £184,111.

house prices uk

The Halifax’s survey echoed the results of the latest study from the Nationwide Building Society, which reported a 2.5 per cent, fall in property prices in May 2008.

Martin Ellis, Chief Economist at Halifax said,

“The decline in prices is caused by the difficulties created for potential house purchasers, by the rapid rise in the last few years, a squeeze on spending power and the reduction in credit availability.”

He also pointed out that average earnings rose by 4 per cent, in the year to March 2008, much less than fuel prices which rose 9 per cent and food prices which rose 7 per cent.

The latest data on house prices in the uk and the wider economy are undeniably alarming. Clearly the downward pressure on house prices coming from stretched buyer affordability and tight lending conditions is now beginning to bite hard.


Bitcoin: 1BJbBAvdNHcZPZBnaFpyExUmAD9H1crosU



If you enjoyed this article FEEL Free to TIP My First Home Blog:

Any Amount Welcome 🙂

Dash: XmARRjJ9y2zUUgiPWPMrjviWWCvpuogwKd

Dogecoin: D5vAJ9ydfsNX1VE6e93Wh16gmUfVSUSKQq

Bitcoin: 1BJbBAvdNHcZPZBnaFpyExUmAD9H1crosU

Bitcoin Cash: 1Q8njMG4LPqFYthtNu6rq2Rbq9JqKXaPg1

Ethereum: 0x60454606e1f66C09e4fD7977b844718b683B2836

{ 0 comments… add one }

Connect with Facebook

Leave a Comment


Related Posts

Ways to Recreate your House
Recreate your House: A house without decorations is like a blank canvas without painting.Recreate your House: In order to make your house attract...
'Finding a Location' Step by step instructions to Build a House
 Finding a Location: Building your fantasy home can be a standout among the most energizing and remunerating ventures you can embrace.Finding a L...
Keeping your House cool for a lesser energy consumption
lesser energy consumption: Utilize less hot water.Heating water requires a great deal of power; the more boiling hot water you utilize, the more ...
powered by RelatedPosts