Tech & Biz

UK house prices ~ largest drop since 1992

by liamssoft | April 8, 2008 at 06:02 am | 608 views | 4 comments | 10 recommendations

Spitting Image - Madness sing Our House spoof

UK house prices ~ largest drop since 1992

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Affordable for some but unobtainable for the majority...Bank of England cuts interest rates to 5pc.

House prices across the nation saw the largest monthly fall since 1992 last month, according to Halifax, prompting the country's largest mortgage lender to cut its forecast for prices for the rest of the year.

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Halifax, which is part of the HBOS group, reported that property prices fell an average of 2.5pc overall, and as much as 5pc in some areas.

The lender, which previously had predicted flat growth for the current year, now expects a "low single digit" fall in house prices this year - indicating that prices could fall by up to 5pc.

The good or the bad news, depending on how your looking at it is the Average UK property prices during March still rose in Greater London by 1.6pc, East Anglia by 1.4pc and the East Midlands, by 2.2pc.

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liamssoft

at 05:43 on April 10th, 2008

Are Houses becoming more affordable?

Rob Peters

at 07:59 on April 8th, 2008

Thanks liamssoft...I wish prices would start dropping around here, too.

jordan

flagged this story as Good Stuff

at 07:26 on April 10th, 2008

The relatively small gain in value would suggest that the get-in costs, reno expenses, and other pricey elements of home ownership make buying in London not such a good idea right now... Those who got in early are laughing, but that £500k flat in Zone 2 may not be such a bargain. Mortgage costs are really hard to recoup through rent, even with rent as high as it is now (I could not afford to move back to London, no way)