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Loans -
House prices suffer biggest fall for ten years - 11/05/2008
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A leading loan provider have increased fears of a possible housing slump after publishing a recent survey that shows house prices have suffered their biggest annual fall since 1996.
Halifax , the country’s biggest provider of home loans have revealed that prices have fallen by 0.9% compared to this time last year mirroring the general credit crisis that is sweeping through the nation.
The news has come on the back of two reports stating that the average home has lost £6,000 in value over the past six months and a report in the national newspapers highlighting a sharp rise in homes being repossessed.
Experts believe all signs are pointing to a definite slowing down in the market which could in turn lead to a dreaded crash.
One leading figure in the housing market believes that the current situation may not be as bad as made out to be
‘‘These days, it is something of a surprise to see a “Sold” sign outside a house, Even in these straitened times, good houses are selling, as some buyers look beyond the current period of weak prices. “Let by” signs are quite common, reflecting the strong rental demand out there, some of it from frustrated first-time buyers.
It’s partly in response to this that Prime Minister Gordon Brown is planning to extend shared equity schemes to make home-owning more affordable for first-time buyers, as part of a range of measures aimed at helping those hit by the credit crunch. The plan is expected to form the basis of Browns next parliamentary debate.
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