Renters justified as Halifax reports record falls |
04 2008 |
| A new report from the Halifax into the current state of the UK housing market is likely to be welcomed by the large number of professionals who have opted to stay in the rental sector amid fears of an uncertain market. According to the research carried out by the bank, the country has seen house prices fall by ten per cent over the past year alone, with the average cost of a home now standing at £188,000 in comparison to the £199,600 recorded this time last year. Significantly, this represents the most marked decline seen by the lender since it began keeping track of prices and, according to HBOS chief executive Andy Hornby, this situation looks set to get worse before it gets any better. "The reduced availability of credit and a slowing housing market are now part of a wider economic slowdown," he said. "Consensus forecasts, for the decline in house prices, is now in the range of 15 to 20 per cent over 2008 and 2009 combined."  |
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