Everest industry news
Average property prices now lower than last year
02 May 2008
House prices in the UK are now 0.9 per cent lower than at this time last year, but are still almost three times higher than ten years ago.This is according to the latest seasonally adjusted market data from the Halifax, which shows that the typical property is now worth £189,027.
HBOS is urging consumers to view the latest monthly 1.3 per cent dip in prices in the context of significant rises over the past decade.
Between August 1997 and August 2007, the value of the average home rocketed by £130,000, which is the equivalent of 190 per cent.
Strong fundamentals also continue to underpin the housing market, the statistics show, while certain regions such as Scotland and London are still seeing price rises.
The economy continues to grow at an annual rate 2.5 per cent, interest rates are falling and a record 29.5 million people in Britain are in employment.
"Price falls should be viewed in the context of the substantial price rises over recent years," reiterated Halifax chief economist Martin Ellis.
"A growing economy, high employment levels, low interest rates and a shortage of new homes underpin housing valuations," he explained.
With property prices stagnating, sellers can still bolster the market value of their home by undertaking considered home improvements, such as installing double glazing or a new kitchen.
