Property prices drop |
30 2008 |
| House prices fell in April, spelling bad news for homeowners and highlighting the benefits of renting. According to the Nationwide House Price Index, a typical UK property lost 1.1 per cent of its value between March and April. However, house prices remained high at £178,555, although it looks as though further drops are on the cards. In March, property prices fell by 0.7 per cent, showing that the decline in prices is picking up speed. Further to this, April was the sixth consecutive month of monthly house price falls and was also the first time that prices have dropped annually, falling by 1.1 per cent. Fionnuala Earley, chief economist at Nationwide, said that a lack of new buyers is to blame for the slump in prices. "The latest fall in house prices follows from the steep decline in house purchase transactions over the last half year," she commented. "As a result of falling demand from first-time buyers, higher mortgage rates and tighter lending criteria, the number of mortgages approved for house purchases has fallen to record lows," added Ms Earley.  |
Related Articles |
| Property in Edinburgh falls 11% |
| House prices in Edinburgh have now fallen 11 per cent in a year, research... |
| NLA comments on 'reluctant landlord' |
| The National Landlord's Association (NLA) has commented on the phenomenon... |
| Rents tumbling as property supply rises |
| Research from the Royal Institution of Chartered Surveyors (Rics) Wales has... |
| Rent could drop as buy-to-let grows |
| Both interest rates and house prices are dropping at present, creating what... |
| Top London homes fall 11.5% in quarter |
| New homes in some of London's most sought-after locations have fallen by a... |
Copyright © 1995-2008 loot.com. All Rights Reserved. Designated trademarks and brands are the property of their respective owners. Use of this Web site constitutes acceptance of the loot