House prices drop for second consecutive month
Now may be the time to improve your home after it was revealed that house prices fell for the second consecutive month in August.
Homeowners who need additional space may be more inclined to build a bespoke conservatory or other extension than sell their property at a lower price than they would have got a few months ago.
According to Nationwide statistics, the average UK property is now worth £166,507, which equates to a 0.9 per cent drop on July's figures.
It is the second month in a row that home values have fallen after July's 0.5 per cent decrease.
While prices are still higher year-on-year, Nationwide chief economist Martin Gahbauer explained that there was a sharp drop in the positive annual margin between August and the two previous months.
He noted that the best way to judge the market is by looking at it in three-month sections. The three months to August showed a zero per cent increase over the previous three months.
This is despite the same statistic for July standing at a 1.2 per cent rise.
"Unless house prices bounce back strongly in September, the three-month rate of change will turn negative next month," Mr Gahbauer said.
In other news, the Little House Company recently suggested that owning a seaside property has its own problems.
Posted by David Waxman
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