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UK house prices continue to fall

A report by Hometrack has today cast a very downbeat light on the UK property sector with news that the average price of a property in the UK fell by 0.4% in September to £157,600. While this in itself is obviously a concern for investors and homeowners it is the fact that prices are falling in every area of the UK, even London, which is more concerning!

So far house prices in London and the southeast of England have been relatively immune to the recent difficulties in the UK property market. However it seems that problems in the employment market, economy as a whole and mortgage funding difficulties are now beginning to impact upon every area of the UK property market. There are no exceptions to the downturn in property prices and against a very difficult economic backdrop we are likely to see these trends continue in the immediate future.

In many ways London in particular is something of a micro-economy in the UK and very rarely follows the track of the general UK economy. However, when you consider that the financial sector is ultimately based in London and London is in fact the major market in the UK for so many different products and services, maybe now is the time to worry?

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