UK house prices slide slowing down homeowner’s plans to sell house quickly

Britain’s average house price fell to £162,228 last month from £163,822 in December, when prices also fell 0.2%. The annual rate of house price inflation was dragged down to 0.6% from 1% because of this.

Nationwide’s chief economist, Robert Gardner, has said that he is unsurprised that house price growth has slowed down.

“Given the challenging conditions prevailing in late 2011, with the UK economy contracting in the final three months of the year, it’s not surprising that house price growth softened at the start of 2012,” said Mr Gardner.

Despite the falling house prices, there has still been a low buyer-demand with first-time buyers, in particular, struggling to find the deposits asked for. Those buying houses are often required to provide a 20% deposit, a 50% rise on the 10% that was needed in 2008.

Nevertheless, affordability has improved on some measures thanks to low interest rates, according to Nationwide – good news for those looking to sell house quickly.

February 26, 2012 at 10:08 am | Sell House Quickly |
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