House prices are falling for first time since 2012 – with some areas seeing double-digit declines –

An online version of a UK newspaper has a feature that notes prices for homes have been falling. This is the first decrease in pricing since 2012. Some regions have recorded decreases in double numbers. The writer notes that prices had been going up because of low interest rates and demand being higher than supply. On the other hand, a lot of first time buyers cannot afford the current prices. Also, there is uncertainty over the consequences of Brexit. Realtors are uncertain if the drop will stop.

Key Takeaways:

  • 2012 was the last time Halifax found house prices were falling. cheap mortgages and low cant stop the drop
  • People buying their first time have had less money to spend while the expense of living goes up.
  • Vendors are realizing the market is going down and starting to drop their prices.

“Properties in some regions continue to see double-digit price reductions, while at certain price points in the most in-demand areas, gazumping is back with a vengeance.””

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