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london-property · 04-14-2008, 03:57 PM

The latest Halifax house price survey shows that the average home declined nearly £5,000 in value last month. This is a fall of 2.5% and represents the biggest monthly fall since September 1992, when prices fell by 3% in a month.

This follows a 0.4% fall in February and adds more gloom to the property market. The average home is now worth just 1.1% more than 12 months ago and prices have fallen 1% in the first quarter of this year.

Annual growth has now slowed to 1.1%, the lowest level for over a decade while in the quarter to March prices dropped 1%.

The index revealed huge regional variations, with prices falling by 5% in the West Midlands, 4.7% in Wales and 2.6% in the South West last month, However, they increased by 1.6% in Greater London, 1.4% in East Anglia and 2.2% in the East Midlands.

The average price for a property in the UK is now £191,556, according to the Halifax.

Figures from the Council of Mortgage Lenders showed mortgages for home purchases fell further in February to just 49,200 compared to 50,900 in January and 73,000 in February 2007.

cvimc · 05-27-2008, 02:35 AM

It looks like UK housing market is following US housing market into a down cycle.

london-property · 05-27-2008, 09:55 AM

yes it is correct. it is all about globalisation