14-01-2008
House price cool down continues
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The value of the UK's property market is continuing to decline, it has emerged.
Data released by the Department of Communities and Local Government (DCLG) shows that during November 2007, house prices declined at a rate of 0.8 per cent.
Moreover, the DCLG, whose origins go back to 2001, has announced that house prices have fallen to the extent that the average cost of a property is now £218,330.
The DCLG was formerly known as the Office of the Deputy Prime Minister.
"British houses have become grossly overpriced when compared with the rest of the world," said Oliver Marc Hartwich, chief economist at the thinktank Policy Exchange, in a report by the Telegraph.
"This has led to a debt culture where people are unable to save because they are putting everything they have into their mortgages."
DCLG data also shows that in October 2007, house prices grew at a rate of 0.1 per cent and house price inflation, represented in annualised terms, was found to have fallen to 9.5 per cent.
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