Falling UK House Prices – Startling Facts
I know, what you’re thinking… more bad news. One thing we can always promise here at Best Quote Mortgages, we will never sugar coat anything. We may try to see the lighter side, but we will not lie to you. So, here’s the dirt on current UK house pricing trends:
- Prices have fallen for 11 straight months, making October, if the trend continues, one year of declining prices
- In September 2008, prices slipped another 1.7%
- September 2007 saw a 9% growth in purchase price
- 12.4% is the highest recorded drop in property value
- The average cost today of a UK property is £161,800
An article written by Simon Duke over at thisismoney.co.uk, quotes Nationwide’s chief economist Fionnuala Earley: “House prices have now fallen for 11 consecutive months, but the monthly rate of fall has been almost unchanged in the last three months”. This sounds positive.
She goes on to say: “The less volatile three-month-on-three-month series has also barely changed for the last three months, after accelerating in the first half of the year,” which suggests a calming down of the rapid decline in house pricing we have been experiencing in the UK.
Are we grasping at straws here in an effort to find any silver lining or is this a legitimate sign we’ve turned a corner.
What do you think?
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