31-03-2008
Study highlights house price fall
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The results of a recent study have shown a further decline in the price of UK housing.
Data released by Hometrack, a firm specialising in housing intelligence, shows that over the course of March 2008, property prices fell by an average amount of 0.2 per cent.
More specifically, the study also noted that, in London, the number of properties for sale increased by 8.4 per cent.
"Lenders are continuing to respond to the worsening conditions in the money markets by raising the cost of mortgage loans and tightening up on lending criteria," said Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors.
"This is making it even harder for first time buyers to take their first step on to the property market."
Mr Rubinsohn also observed that house prices are likely to continue their drift downwards.
For house price inflation, Hometrack reported year-on-year levels of 0.4 per cent.