Latest House Price News
The latest data is in and it reveals that house prices in the UK have dropped for the second month running, albeit only a slight drop of 0.5%. Despite this small downfall, the prices of property around the country still rose by 4.8%.
By the end of 2007, an average house price now stands at £182,080. This is an extra £8,334 more than the average house price at the end of 2006. The housing market is holding up better than expected after the past 6 months of uncertainty.
There were just 2 areas in the UK that showed a real decline in house prices, Durham and Newcastle suffered a 3% drop in property value. The Bank of England decided to lower interest rates last month, which should go some way to help the housing market too.
It's not just the private property sector that has seen a slowing down, commercial and business property has also felt the effects. Knight Frank the estate agents, have reported that some investors have suffered as much as a 26% loss.
At the moment no-one knows what the future holds for 2008. It is unlikely things will get any worse, but possible the heyday of property investment is now over.
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