HM Land Registry figures show UK home prices falling by 0.6% in March. This was coupled with the year-on-year rise decreasing in momentum to 4.1%.
According to the Land Registry new buyer statistics (offers and sales) are unchanged this year. Property agents may not agree with this statistic as many are showing less than half their normal listings prior to the crisis.
The average home price as £215,848; reflecting a 5.6% increase. This price point is proving to be a difficult hurdle for many perspective home buyers. Higher home prices and a projected decrease in wages for the near future lead to a combination that hinders the possibility of relief anytime soon.
Although the real estate industry is feeling unsettled with the slow down in sales it’s important to remember the economy has to settle back into a level position. It is best for this to occur on a healthy pace rather than in record time.
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