July 1, 2008

Average property prices down

House prices may have fallen by around two per cent this year, but with figures due out from various building societies saying that new mortgages are at an all time low, then it will not come as a surprise to hear that house prices for the year from June 2007 to June 2008 have fallen by around three and half per cent.

The average house price in the UK is currently valued around £170,000 and with the number of home buyers being down by nearly six per cent the out look is pretty gloomy.

Way back in 1974 there was 784,000 property transaction recorded, this has never been seen since, however there some property experts predicting that the amount the property transactions for 2008 could as low as 800,000, which is not far of the low from 1974!

Source [Times]