House Prices Fall For The Fifth Month In a Row according to the Bank of England.

House Prices Fall Fifth Month In a Row

Research shows that demand from potential home buyers has started to fall at it’s fastest rate with the latest information from property intelligence group, HomeTrack showing the average price of a home in England and Wales falling 0.8% during November, following last months slide of 0.9%.

The average cost is now £155,000. Accompanying this fall is a drop in people actually looking to buy. Estate agents report a fall of 4.3% in new buyer registrations, the biggest fall since January 2009.

54% of postcodes have seen drops in prices with only 0.1% seeing any increase.

A mixture of a bleak outlook on the economy, coupled with a bearish general mood toward future house prices along with the catalyst effect of weak mortgage lending all contribute to this latest round of pricing data.

We have a mortgage payment predictor that will let you see what could possibly happen to your mortgage payments depending upon the state of the economy, just enter your rate and amount details and select your economy outlook – from very poor to very good – to see the changes to your borrowing.

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