The latest news according to Halifax’s details is that the price of houses is on a continual fall at the moment. And being the largest mortgage lender in the UK, they should know.
Prices of houses continue to fall month by month and are presently down by 0.3%.
It still works out that the average cost of a house in the UK is £196,649 - a staggering amount. Is it any wonder that first-time buyers are struggling to own their first property.
Despite the slowdown, there isn’t an issue of a property crash. The Bank of England are ensuring that the economy remains stable by cutting interest rates when appropriate, although yesterday they agreed to keep the base interest rate at 5.25% for a further month.
However, there is an obvious decrease in the property market that has been observed over the past few months. Sales of houses have fallen, and mortgage approvals have dropped too, but it is maintaining a steady rate of decline, rather than an erratic fluctuation.
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