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10/01/2008
House Prices Fall Further
The downward trend in house prices has not come to an end despite Britain's largest mortgage lender's announcement that average UK house prices rose by 1.3 per cent in December.
Halifax said despite the rise house prices still ended the final quarter of the year 0.8 per cent lower than they began.
Economists expect house prices to fall by three per cent during 2008.
Howard Archer, Global Insight's chief UK and European economist, said: "The overall evidence still clearly points to the housing market ending 2007 under mounting pressure from increased affordability pressures and tightening lending practices."
Figures from the Council of Mortgage Lenders showed the number of new mortgages fell to a seven month low in November.
(GK/JM)
Halifax said despite the rise house prices still ended the final quarter of the year 0.8 per cent lower than they began.
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Economists expect house prices to fall by three per cent during 2008.
Howard Archer, Global Insight's chief UK and European economist, said: "The overall evidence still clearly points to the housing market ending 2007 under mounting pressure from increased affordability pressures and tightening lending practices."
Figures from the Council of Mortgage Lenders showed the number of new mortgages fell to a seven month low in November.
(GK/JM)
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