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UK Housing Market
In an article featured on the marketoracle.co.uk website figures from the Nationwide painted a picture of a continuing decline in the housing market.
The Nationwide survey showed that house prices few in April which is the 6th consecutive monthly reduction in prices. The figures also highlighted an annual drop in prices of 1% against the figures from this time in 2007. This is the first annual drop in prices in over a decade.
Commenting on the results Fionnuala Earley, Nationwide's Chief Economist, made reference to weakening sentiment in the market brought about by poor affordability and the impact of the credit crisis.
The price of the average house in the UK was show to be £178.5K
Recent steps taken by the Bank of England’s monetary policy committee, in reducing the cost of borrowing, have though brought a positive benefit to over 5 million borrowers.
