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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.

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