Drastic fall in realty market since 1993
The housing prices in the UK immovable market are decreasing at an alarming rate. This slash is due to the global credit crunch and unavailability of easy credit.
London (Online-unsecured-loans) June 06, 2008: The average home has fallen in its equity by more than £15,000 since the peak in August 2007 according to the latest Halifax house price report. The study, released on Wednesday, showed prices falling by 2.4% in May as the immovable property market's tailspin continued, with the average home now being worth £184,111.
An average home dropped in its market value by £4,600 in May, typically a strong month for property. Prices have fallen by 3.8% over the 2007 according to Halifax – the largest year-on-year decline since 1993 and a substantial turnaround since May 2007, when prices were rising by 10.6% on annual basis.
However, a comparison of the index's average monthly prices shows a home is worth £12,525, less than its May 2007 value of £196,636 and there is a drop of 6.4%. The value of an average residential property has fallen by almost 8% since prices peaked at £199,600, before the credit crunch began to hit the UK financial market in August 2007.
Economist Howard Archer, of analysts Global Insight, described the statistics as 'alarming' for the UK economy. He predicted house prices would fall by 12% in both 2008 and 2009, revising an earlier forecast of 7% this year and 9% next year.
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