Negative News for houses prices, great news for FTB’s
News is that the average property price of a home is now 0.8% lower than it was a year ago, no ‘spring bounce’ as predicted by many – Fears are that the UK property market as over peeked and due for a correction with the likes of the comedy show of Brexit in the hands of the government adding salt to very open wounds…
The average house price, by Rightmove, now stands at £302,002. Rightmove said it was recently the lowest month-on-month increase seen at this time of year since 2011 and “considerably lower” than the 0.9% average increase seen over the past seven years.
Rightmove director Miles Shipside said: “While March marks the start of spring, temperatures have yet to rise in the housing market.
Buying activity remains cooler than usual, with hesitation as some buyers await a more settled political climate.
There’s greater resilience the further away you get from the London market, and there’s a sound bedrock of demand for the right property at the right price, reinforced by ongoing housing needs combined with cheap mortgage borrowing.”
Full story can be read on the Yahoo Finance website.