House Prices Fall For A Third Month Running
The cost of housing has fallen again for a third month on the run. But, is this a sign of a possible double dip recession?
With nearly 0.5%, the average price of a house in the UK now stands at just over £157,500 according to industry specialists, which is now taking the prices back to what they were nearly 8 months ago.
What is more concerning is that industry specialists, Hometrack said:’Market expectations are now based upon the belief that there will be a period of continued house price falls.’
As well as the price dip, it was also noted that the amount of people looking to buy new homes also fell by 2.9% – which matches the same decrease month on month, matching the picture being set by the housing prices.
Richard Donnell, who is the director of research at Hometrack UK said: “Growing concerns over the economic outlook and public spending cuts are weighing heavily on would-be purchasers-Anecdotally, agents report that there are fewer purchasers and that those looking to buy are both cautious and choosy.”
The Council for Mortgage Lenders claims that this is a clear and evedential picture of a potential mortgage famine, predicting further falls within the industry.
There was no major difference around the country, with London even seeing a slump in prices and people who are looking to buy.
On top of all this, the banking mortgage lending system crashed heavily last month, which again is a prediction trigger for the future of the property market and how good, or bad it may be.
