House prices down again in March
New data from the Land Registry has provided further evidence of a slowdown in the UK property market. According to the body's figures, the price of a property in the UK and Wales fell by an average of 0.4 per cent during March - the second month in a row in which a fall has been recorded. As a result of the decline in March, the rate of annual house price inflation has slumped from 5.3 per cent in February to 3.6 per cent. The average house price now stands at £184,798. Howard Archer, chief UK economist at Global Insight, said: "We now expect house prices to fall by seven per cent in 2008 and nine per cent in 2009. "Furthermore, the longer the credit crunch goes on and the deeper and longer the UK economic slowdown is, the greater the danger will be that an even sharper housing market correction will occur."The most marked decline was noted in Wales, where prices dropped on average by 2.2 per cent.
Share this..
Related stories
UK government considers privatisation of Royal Mail
The UK government is seriously considering a return to the 1980s and a privatisation of Royal Mail along the lines of the British Gas share offer. This will come as a bitter blow to the unions who are seriously concerned about potentially enormous job cuts in the short to medium term although it is rumoured that Royal Mail staff could be offered up to 20% of the business if it was floated. Whil...
Read MoreBritons 'should seek out highest interest rate' for savings
Britons are being advised to seek out the savings account with the highest interest rate for their cash, in order to make the most of their money.Moneysupermarket has said that as there is less than one month left of the financial year, savers should be advised they could be nearly half a million pounds richer if they invest £3,000 per year in an individual savings account (Isa).Kevin Mountford,...
Read MoreSir George Mathewson is still on the Royal Bank Of Scotland payroll
While nearly 2 years have passed since Sir George Mathewson stepped down from his position as chairman of the Royal Bank of Scotland it appears as though Sir George is still on the payroll receiving £75,000 a year in his capacity as a consultant to the company. When you consider that Sir George is one of the two leading lights in the Scottish banking sector that have attacked the HBOS takeover an...
Read MoreNorthern Rock pays out £15 million in bonuses
Despite the fact that Northern Rock, the nationalised financial operation, reported losses for 2009 the company has confirmed that £14.9 million has been put aside for staff bonuses. This is despite the fact that the company received a £26 billion loan from taxpayers which has yet to be repaid in full and indeed was forced to put aside in excess of £1 billion against potentially "bad loans"....
Read MoreVince Cable promises one-in one-out policy
Vince Cable, the UK government's business secretary, has today reiterated the coalition's aim that there will be no further red tape introduced into the UK business arena. The government is well aware of the massive increase in regulations and red tape under the previous government, although it has to be said that much of the increase in paperwork was as a result of EU directives, and will attempt...
Read More