UK house prices fall for third consecutive quarter
Is this the start of a housing crash? Prices are after all on par or above that of the peak before the 2008 recession??
UK house prices declined by 0.1% between April and June compared to the preceding three months, the third straight quarter in which prices have fallen, according to Halifax.
This represents the first time house prices have dropped for three consecutive quarters since 2012, with the average price of a house in Britain now at £218,390 ($282,960).
House prices in the three months to June were still 2.6% higher than in the same period in 2016 – the lowest annual rate recorded since May 2013.
On a month-on-month basis, prices were down 1% in June following a 0.3% increase in May. Analysts had forecast a 0.2% expansion.
Full article: UK house prices declined by 0.1% between April and June compared to the preceding three months, the third straight quarter in which prices have fallen, according to Halifax.
This represents the first time house prices have dropped for three consecutive quarters since 2012, with the average price of a house in Britain now at £218,390 ($282,960).
House prices in the three months to June were still 2.6% higher than in the same period in 2016 – the lowest annual rate recorded since May 2013.
On a month-on-month basis, prices were down 1% in June following a 0.3% increase in May. Analysts had forecast a 0.2% expansion.
The house prices had a very good run for the last 8 years and are due for a correction, I think. It cannot just go all one way.
Yeah I agree, I think mainly due to low interest rates. I wonder how much property prices will be effected should the bank of England increase interest rates. If we are already seeing the market cool down, increasing interest rates will only see them fall further. Good for first time buyers though.
Yes,it is good for 1st time buyers as this is a buyers market now and going forward for a while. Brexit uncertainty and new tax laws on property is also negative and will way the prices down in the next year or 2.
Have they been falling in London as well, or is this just everywhere else?
Prices in London dropped to 1.2% between April and June, from 5% in the previous quarter. It was the slowest growth since 2012 and fell below the 2.8% rise across the country as a whole.