House Price Falls Fastest For 17 Years
A report by the Nationwide has highlighted the fact that house prices are now falling at the fastest rate for over 17 years and the situation does not look as if it will improve in the short term. Prices slumped by 8.1% last year which knocked £15,000 off the average house price across the UK. The average house is now valued at under £170,000 for the first time in a long while. So where do we go next?
As finance continues to slip away from first time buyers, more people slip into the negative equity trap and the government continue to ponder a support network for the mortgage industry it looks we are stuck in this trend for some time. Buyers are waiting on the sidelines for the right time but as more and more sellers join the party the pressure on prices is sure to continue.
The recent headlines regarding mortgage interest rate cuts have not always delivered what they promise with arrangement fees on the rise and deposits also higher than at any time for the last decade. While the sector and the government have tried to instil confidence back into the mortgage market it has just not happened yet.
Share this..
Related stories
Standard Life shareholders set for £1.75bn windfall
04/09/2014 Standard Life shareholders are set to receive a share of a £1.75bn windfall, after the insurance and investments company sold the Canadian side of its business to Manulife. The sale of assets will mean that Standard Life will no longer retain their insurance and investments business within Canada. However, they will still work with Manulife to sell their products in Canada, the U...
Read MoreEuropean financial sector under pressure
The European Central Bank (ECB) has this evening warned EU insurance companies that a mixture of weak European economies and significant volatility in the financial markets could push many towards the edge of financial distress. Despite the fact that the European economy on the whole had initially performed better than the likes of the UK and the US when the credit crunch began, it appears to be g...
Read MoreBritain's perfect property - a new detached house in the countryside
The nation's ideal home is a new build, detached property located in the countryside, according to new research from Halifax mortgages.The survey found that half of people preferred detached and new builds were preferred by 22 per cent of those questioned.Phil Jenks, head of mortgages at Halifax, said: "Although many of us live in towns or cities, there is no disputing that a house in the country...
Read MoreDid government budget leaks lead the public down the wrong path?
George Osborne has just delivered the coalition government's emergency budget which obviously contained massive public-sector spending cuts and tax increases but was on the whole not as aggressive as earlier leaks from 11 Downing St. had suggested. So did George Osborne leave the public expecting a worse budget than he actually delivered? While there's no getting away from the fact that this is...
Read MoreWhy can't UK politicians work together?
It is becoming more and more apparent that the Conservative/Liberal Democrat coalition government is very much at odds with the Labour Party on a number of issues, with public-sector spending cuts at the head of the queue. When you also take into account the ongoing discussions regarding strike activity in the short to medium term there is even more daylight between the various political parties....
Read More