Property values drop by over salary levels |
02 2008 |
| Average house prices fell by more in the past year than most Brits earn in the same period, it has been calculated. Recent figures from Nationwide Building Society show that in the past 12 months alone house prices have dropped to £158,852 from £186,044. This fall of £27,000 is larger than the average person's salary of £25,000. Commenting in a Times report, Ed Stansfield, of Capital Economics, explained that it is also unlikely that homeowners will be protected from forecasted drops of up to 35 per cent. "With unemployment rising and expectations that house prices have much further to fall still widespread, lower interest rates will not stimulate housing demand." The choice to rent has risen in popularity among young professionals and would-be first-time buyers this year, as the housing market makes continued falls in value.  |
Related Articles |
| Bank could further reduce rates |
| The Bank of England could reduce base rates yet again this week, perhaps... |
| House prices reliant on banks' confidence |
| With many analysts making predictions for the housing market in 2009 there... |
| Isle of Man bucking house price falls |
| The Isle of Man saw house prices rise four per cent throughout 2008, one... |
| Lib Dem Cable talks of record house price slump |
| Liberal Democrat treasury spokesman Vince Cable has attributed a mix of... |
| House prices past halfway point |
| House prices have passed the halfway mark in their fall from their 2007... |
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