Housing market facing difficult year, says expert
This year is likely to be another difficult one for the property market, it has been predicted.
Martin Ellis, housing economist at Halifax, noted that activity levels remained low in February and the trend is likely to continue throughout 2009.
He was commenting on the bank's findings that the average price of a home in the UK declined by 2.3 per cent in February - contributing to an overall drop of 17.7 per cent over the last year.
"The negative impact of the dislocation of the financial markets on the availability of mortgage finance [is] likely to mean that 2009 will be another difficult year for the housing market," said Mr Ellis, adding that pressure on incomes and rising unemployment will also play a part.
Those thinking of living in London may prefer to rent a house or flat in order to avoid the potential threat of negative equity, particularly as recent Land Registry figures confirmed that values continue to fall.
According to the body, prices in January were 14 per cent lower than a year earlier.
Published 5th March, 2009
© 2009 Estates IT Limited
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This year is likely to be another difficult one for the property market, it has been predicted.