Halifax claims prices are falling with even surveyors starting to reduce valuations as inflation squeezes household finances and dents demand
House prices fell again in April and are now nearly £3,000 below their peak in December 2016, amid broadening evidence of a slowdown in the UK property market.
The average property fell in value by 0.1% in April, according to data from Halifax. Although this is not as steep as the 0.4% monthly fall recorded by Nationwide, it puts both major indices on a similar downward trend.
Halifax said the average price fell to £219,649 in April from £219,788 in March. House prices reached an all-time peak of £222,190 in December 2016. The annual rate of price inflation remained at 3.8% in April, Halifax said, the lowest rate for four years.
Halifax housing economist Martin Ellis said: “Housing demand appears to have been curbed in recent months due to a deterioration in housing affordability driven by the sustained period of rapid house price growth during 2014-16. Signs of a decline in the pace of job creation, and the beginnings of a squeeze on households’ finances as a result of increasing inflation, may also be constraining the demand for homes.”
More from the source: https://www.theguardian.com/money/20...ifax-thinks-so
DOOMED!!!
House prices fell again in April and are now nearly £3,000 below their peak in December 2016, amid broadening evidence of a slowdown in the UK property market.
The average property fell in value by 0.1% in April, according to data from Halifax. Although this is not as steep as the 0.4% monthly fall recorded by Nationwide, it puts both major indices on a similar downward trend.
Halifax said the average price fell to £219,649 in April from £219,788 in March. House prices reached an all-time peak of £222,190 in December 2016. The annual rate of price inflation remained at 3.8% in April, Halifax said, the lowest rate for four years.
Halifax housing economist Martin Ellis said: “Housing demand appears to have been curbed in recent months due to a deterioration in housing affordability driven by the sustained period of rapid house price growth during 2014-16. Signs of a decline in the pace of job creation, and the beginnings of a squeeze on households’ finances as a result of increasing inflation, may also be constraining the demand for homes.”
More from the source: https://www.theguardian.com/money/20...ifax-thinks-so
DOOMED!!!
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