<< Most Recent Articles

Average house price 'lowest for six months'

The average price of property in the UK fell in March to its lowest level since October, according to new figures.

Moneyextra stated that last month, the average price of a property was £220,303, down from £222,923 in February.

However, the national average property value is still 4.8 per cent higher than at this time last year.

Robin Amlot, spokesperson for Moneyextra, stated that the figures could indicate the beginning of a slowdown in the mortgage market.

He said: "The prospect of higher interest rates on the way and talk of base rate rising as high as 7.5 per cent next year will have a dampening effect on the housing market over the coming months."

The firm also warned that first-time buyers are still facing increasing pressures as they try to get on the housing ladder.

Earlier this week, Halifax said there are now no towns in the UK with an average property price below £100,000.

The firm found that while there were more than 200 towns with an average price of less than £100,000 five years ago, there are now none.

Click here to see how much you could borrow with a Lombard Direct personal loan.

25/04/2007 16:54:43

Most Recent Articles