June house prices show biggest fall this year
According to Rightmove, the UK property market takes limelight of affecting news that further indicates the unstable property situation.
The decline in house price figures for June this year have been the worst for the whole of 2008. Figures suggest the average asking house price fell by 1.2 per cent and now stands at 239,564 since May. In particular, London had a high fall of decline at 1.4 percent.
The commercial director of Rightmove commented in an interview, ``Because of the mortgage famine, obviously fewer people are able to afford to buy,'' he further added Sellers are now realising they've got to compete more aggressively on price.''
Speculators and specialist within the mortgage industry feel the situation is likely to get worse, with UK’s biggest mortgage lender HBOS already predicting house prices are likely to decrease by 9 per cent during 2008.
The UK property market seems is being affected in many ways such as lack of consumer confidence, the increased ratio of properties that are on the market in comparison to the available buyers.
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