No Change To House Prices For May
According to a recent report released by the Land Registry there was no change to house prices for the month of May, with figures showing that house prices were up 1.8% over the year. However, property sales figures remain bleak, with officials from the Land Registry claiming that property sales in March stood at just 53.080, which was half the figure seen with sales in March of the previous year.
The report also showed that annual price growth fell for the ninth consecutive month, with the average house price now down to £183,266. With sharp drops in property values reported by many lenders, completed property sale figures have plummeted, and agencies such as the Council of Mortgage Lenders have predicted that the number of property sales will continue to tumble this year due to tighter credit loans conditions and further predicted house price falls, which could lead to thousands of estate agents and related industry officials losing their jobs.
House prices have already tumbled over recent months, with a sharp fall of 2.4% in March, according to Halifax figures. Many industry officials have predicted that house prices will continue to fall over the course of this year and next, with the government, the Council of Mortgage Lenders, and various other industry officials predicting house prices falls of between 5-10% by the end of this year, although some officials have predicted that the falls will be greater.
The Land Registry report showed that between December of last year and March of this year there was an average of 61,950 house sales transactions per month, and this is a steep fall from the average monthly figure of 100.693, which was seen during the same period in 2007.
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