UK house values dropping daily
A report published by the Halifax last week said that UK property prices had fallen by almost 2.5 per cent during April which equates to more than £900 – bad news for anyone hoping to sell their home anytime soon.
The average UK property price of just below £160,000 has now fallen to levels last seen eight years ago and some economists believe prices will drop even lower in the coming months.
Two years ago as the country began to recover from the global cash crisis the average UK property price had recovered much of the value lost during the slump and was recorded to be around £168,600 according to the Halifax – since the peak of summer 2007 the average UK property has lost £40,000.
Most industry experts agree that house prices are unlikely to stray too far from current levels for the remainder of the year unless the economy begins to show new signs of recovery.