20-02-2008
Housing market slowdown continues
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The UK's housing market is continuing to weaken, it has been claimed.
Moneyextra.com has confirmed that as the UK continues to experience a housing market slowdown, the average price of a property increased, year-on-year, by a total of 1.41 per cent last month.
This compares with the final month of 2007, when prices increased by 1.85 per cent.
"December's cut in base rate has yet to be reflected in the housing market with many lenders dragging their feet in reducing their mortgage rates before Christmas," said Robin Amlot, senior editor with Moneyextra.com, a UK-focused website established in 1995.
"[The chancellor] may offer some kind of tax break for homebuyers to shore up the market [but] any boost to housing from a stamp duty holiday would only be short-lived."
It was also found that, over a period of 12 months, the average size of a mortgage taken out has declined by £740.