London (longdogfinance) March 1, 2008: Real estate prices dipped for the fourth month in a row during February bringing the prospect of fall in real value closer. There is a slash of 0.50% during the month on the average home price and this fall pushed the annual rate of house price inflation down to just 2.7%. The UK real estate market is now facing the lowest annual inflation figure since November 2005.
The trend in prices is clearly declining, but the size of the drop in the annual rate between January and February overstates the rate of cooling,” said Fionnuala Earley, chief economist at Nationwide. Since 2000, the house prices had fallen for four months in a row. Despite the slide, the average home in the UK is still worth £179,358. It is a respite for the homeowners who are in search of homeowner loans. The loan amount will be definitely on decline, but the loan availability is not denied.
House prices are continuing to buckle under the substantial pressure emanating from increased affordability constraints and tighter lending conditions prevailing in the UK financial markets due to the credit crunch. There is currently an unprecedented amount of hesitation about the growth prospective in the UK economical conditions. If the Bank of Englands projection related to growth is correct, conditions for the UK housing market are perhaps less gloomy than some would have believed.
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