Uncertain times for UK housing market
Brits planning on upgrading their home with a bespoke conservatory in order to increase its value may be interested to hear that house prices fell last month.
The 1.5 per cent decline reported by the Halifax House Price Index is the first reduction in average values since June last year and could cause consternation among homeowners in the UK.
BuyAssociation.co.uk property editor Paul Collins suggested that the February slump may only be the beginning of a larger reduction in value, but that it is difficult to predict what will happen.
He said that those who predict the future growth or decline of the market at this point are operating simply on guesswork and that there are uncertain times ahead for British homeowners.
"The possibility of an election and a hung parliament is particularly bad news. Added to that is the likelihood that interest rates are going to go up - and again nobody knows when or by how much," he explained.
Mr Collins added that first-time buyers still have a chance to make it onto the property ladder, although he admitted that obtaining finance is a difficult stumbling block.
Posted by David Waxman
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