Assetz reveals prices fell in March |
21 2008 |
| House prices fell in March, according to the latest Assetz House Price Watch. It shows that the average UK house lost 0.6 per cent of its value between February and March, showing that it is currently wiser to rent than buy. Typical house prices fell by an average of £673 between the two months. As well as the monthly decline, annual house price growth also slumped to just 3.9 per cent. That is down on the 5.1 per cent annual growth recorded in February and the 10.6 per cent increase seen in March. The recent troubles in the housing market have led to more potential new buyers turning to rented accommodation instead. According to Assetz, strong rental demand is set to continue throughout 2008 particularly as the global credit crunch rolls on. Stuart Law, chief executive of the firm, forecast "an increase in repossessions and auctions… over the coming months, as those borrowers with a poor credit rating struggle to remortgage".  |
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