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UK house prices fall

House prices in the UK are slowing in terms of growth, it has been revealed.

Research from Moneyextra.com has shown that average property values rose by 1.85 per cent last year, compared to a rise of 7.44 per cent the previous year.

Borrowers were taking on mortgages for lower amounts, the research revealed, with people borrowing an average of £137,764 in December last year, which represented a drop of £965 over 12 months.

Robin Amlot, senior editor at Moneyextra.com, said: "It's now clear that the housing market has slammed on the brakes; the most optimistic outlook for house prices for 2008 would appear to be that they'll stand still but values are falling now and are likely to continue to do so."

Repayments on mortgages may even become easier as interest rates continue to drop this year, Mr Amlot added.

Last December Moneyextra.com reported that house prices appeared to be staying steady after they peaked in May.

People considering buying a home this year may consider taking out a loan.

See how much you could borrow with a home loan from Lombard Direct.
© Adfero Ltd

17/01/2008 14:18:00

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