UK Capital property prices still on the up
A study from the Royal Institution of Chartered Surveyors reveals how the gap is growing ever wider between London property prices and the rest of the UK property market.
For the last three consecutive months house prices have fallen across the whole of the UK excluding London. Some of the worst hit areas include East Anglia, Yorkshire, Humberside and the Midlands.
According to RICS members UK property prices are destined to fall further for the remaining months of 2011. The ever present threat of a double dip recession is beginning to worry homeowners resulting in fewer existing properties coming to market.
Despite UK lenders offering more attractive mortgage packages there are fewer existing homeowners looking to move up the property ladder instead more are staying put and are fearful of increasing household debt while the future of the global economy remains so uncertain.