Property Prices Drift Downwards
PopertyWire reports that residential property prices face a 0.1% decline in May, tell latest figures from Halifax. Also, the annual price fall is now 4.2% and on quarterly basis has turned out to be 1.2 % and the average property price now estimated is £160,519.
Martin Ellis, a Halifax housing economist states that low earnings growth, higher taxes and relatively high inflation are all putting pressure on household finances which in the end, result in weak property market.
He further explains that Confidence is also weak as a result of uncertainty about the economic and employment outlook. These factors are probably constraining housing demand and applying some downward pressure on prices.
The ratio of the sales to the unsold stock has been subjected to an increase for the third consecutive month in April, and says latest RISC monthly survey. The current markets states have been predicted by this ratio for a long time and have turned out to be a good measure of the decline or raise in house prices.
An improvement although is expected in property markets in the coming months. The increase in number of approved mortgages over the year is the prime factor of the betterment. However, failing interest rates further give a rising edge to the economic conditions that will eventually allow house prices to shoot up.
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