Following assessments of the UK housing market from the UK’s biggest lender the Halifax released this week, some of the headlines about the property market verging on a 90’s style collapse do seem unjustified.
House price growth at record low! was one such headline. Now did you notice that word GROWTH it’s important in all of this. Prices have slowed down mostly everywhere in the UK except London where prices have risen in the Greater London area by 5.5%.
Furthermore figures from the land registry showed that homes in England and Wales had increased overall by 1.8% during the year ended May 2008. It turns out that this is the lowest level of increase since it’s figures on monthly changes began in April 2001.
We’re not saying all is as it was 18 months ago, but put into perspective seems to be not as bad as the media would have us believe. TheCredit Crunch is being held responsible for the current slowdown but as we’ve said before here a house price correction has been inevitable for some time because buyers have been priced out of the market.
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