UK house prices under pressure
A report by the Halifax has today confirmed a 0.1% reduction in UK house prices in April following on from a 1% increase in March. It appears that growth in the number of properties available for sale has seen upward pressure on prices reduce, something which is likely to remain for the foreseeable future. However, despite a fall in prices during April the average UK house price has still increased in value by 6.6% over the last 12 months.
It seems as though the general upward trend in UK house prices has tempted more and more people to put their properties up for sale which has reduced pressure from buyers. As there is now more variety on the property market we could actually see UK house prices come under pressure in the short to medium term with political uncertainty and problems within Europe also playing a role. An 18% reduction in the number of mortgage approvals during the first three months of 2010, compared to the final quarter of 2009, does not bode well for the immediate future especially if the number of buyers continues to dwindle.
There are a number of factors now affecting the UK housing market and we may well be in for a period of consolidation at best.
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