Everest industry news
Higher living costs make wise spending vital
25 April 2008
House prices in the UK are now just 1.1 per cent higher than at this point last year, making shrewd home improvements all the more important for would-be sellers.The latest property price index from the Halifax shows that the typical home in the UK slipped in value by 2.5 per cent in March, the largest monthly decline since 1992.
The average home is now estimated to be worth £191,556, which compares to £197,163 in December.
Yet strong economic fundamentals - such as a healthy labour market, low interest rates and high demand for housing - continue to underpin the market.
And Halifax chief economist Martin Ellis was quick to remind homeowners and buyers that the recent declines follow more than a decade of rapid price growth.
"Overall, we expect there to be a modest fall in UK house prices this year," he said.
"Any declines, however, should be viewed in the context of the significant price rises over recent years."
In the past decade, the typical property in the UK has rocketed in value by more than £120,000.
Homeowners looking to move on this year are advised to make considered improvements to make their property more desirable, by revamping their kitchen or installing double glazing.
