House prices tumbling at an even faster rate

| March 23, 2009 | 0 Comments
 House prices tumbling at an even faster rate

February accounts for the fifteenth consecutive month in which the annual average house price has continued to fall as the government’s communities department’s latest figures indicate the average price of a home in the UK at £195,724 which is around 26,000 less than in January 2008.

The biggest price falls were experienced in Northern Ireland whereby figures indicated that homes are selling for 14.3% less than in 2008.

In the peak of the housing market the average price of property in the region was in excess of £250,000 (August 2007) which meant that property was unaffordable to first time buyers.

Even with months of consecutive house price falls property prices in the area are still well above the UK average at £193,574 and with mortgages harder to obtain for first time buyers due to the higher deposit needed little has changed.

Those first time buyers who have been able to raise the deposit necessary are able to take advantage of the property market and benefit from the sharp falls in property prices as those who are now placing their feet on the property ladder are paying over 15 percent less than they would have done in January last year.

There has been a 4.9 percent leap in the cost of detached properties although this has been countered by the 2.3 percent fall in the value of terraced homes and 1.8 percent in the price of flats which leaves mixed signals coming from the housing market which has heightened the uncertainty surrounding it.

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