Biggest Property Slump Off Towards UK!

According to PopertyWire, property prices in the UK are set to fall for next five years as the market enters its biggest slump for at least half a century. National Institute of Economic and Social Research predicts that prices will fall 4.5% this year and 10.5% by the end of 2015.

The prospects for the housing market are weak indeed over the next five years and that will weaken economic growth very significantly. It will be the longest period of falling house prices that we have seen said NIESR economist Ray Barrel.

The latest figures show that the prices are definitely subjected to fall. The nationwide April index is showing a decrease of 0.2% only in last month, making a total fall 1.3 % lower than that of last years in April. A typical home now cost 165,609.

The latest figures from the flagship Land Registry House Price Index for England and Wales also shows prices falling. They were down 1.1% in March compared with February and it puts the average property price at 160,996.

With London being an exception, the entire UK has seen slumped prices. The North East experienced the greatest annual price fall with a decrease of 9.3%. Wales is the region with the most significant monthly price fall with a movement of 3.3%.

Robert Gardner, Nationwides chief economist, on the other hand is hopeful regarding house prices shoot up. He says he can still find some evidence that the property price accelerates. While the UK economy only managed a modest bounce back at the start of the year, after the weather-induced contraction in late 2010, the economic recovery is expected to gather momentum, said Gardner.

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