Halifax delivers shocking news

House price are losing over £900 a week, making the value of property in the UK the same as they were three years ago, shocking data from the Halifax who are the country’s largest lender have reported that the average house price is now £168,176 which is £33,000 less than when it peaked in August last year.

Property values are falling at the fastest pace since the 1930s according to the Halifax house price survey, last month alone £4,000 was knocked of the average house price that’s £923 a week.

Economist forecast bleaker news saying they believe they will continue to fall. Economist at Capital Economics Seema Shah pointed out that the economic downturn has only just got going, and they expect the recession will last for at least two years and as it deepens it will set off a sharp rise in unemployment.

Repossessed homes are expected to rise to 45,000 before the year is out; pushing house prices lower and increase in mortgage holders into negative equity.

Source: Telegraph

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