Halifax: House prices fall 2% in June
House prices fell two per cent in June, the sharpest rate of decline in 20 years, according to latest findings.
The downturn in the property market has meant that many people are unable to take out mortgages, with many looking towards property to rent in London.
Figures from the HBOS survey revealed that property values were 8.7 per cent lower on the year, which is knocking off £20,000 from the value of the average UK property.
This is line with figures from Nationwide, which revealed that house prices fell for the eighth consecutive month in June.
"It is fair to say we are now in the worst housing slide for over 50 years," said Michael Saunders, economist at Citigroup.
Statistics show that house prices have more than trebled over the last ten years, with lenders becoming wary about taking out home loans.
Mortgage approvals have halved over the last year, meaning that more people are looking for property to rent in London.
Economists are now predicting that house prices will drop by as much as 12 per cent by the end of the year.
This follows news from HBOS that the proportion of mortgages entering arrears has increased by 0.13 per cent over the past five years.
Published 11th July, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Southwark to get Dickens statue
People in flats to rent in Southwark may be pleased to learn that the local council plans to install a commemorative statue installed between Blackfriars Road and Union Street to celebrate the English novelist Charles Dickens' 200th birthday.
Read Article ... Published on 9th February, 2012
Bexley highlights progress on local Olympic planning
People occupying flats to rent in Bexley have been assured that the local council is making good progress in getting ready for the forthcoming 2012 Olympic Games in London.
Read Article ... Published on 8th February, 2012
Colindale's Grahame Park area in line for regeneration funding
New flats to rent in Colindale could be created if Barnet Council succeeds in efforts to obtain new funding for the regeneration of Grahame Park.
Read Article ... Published on 8th February, 2012
Council announces new parking plans for Fulham
People seeking flats to rent in Fulham will be able to benefit from expanded parking facilities thanks to a new package of measures from the local authority.
Read Article ... Published on 7th February, 2012
Bromley Council approves funding for Biggin Hill Heritage Centre
People occupying flats to rent in Bromley will welcome news that £64,000 has been allocated for the development of the new Biggin Hill Heritage Centre.
Read Article ... Published on 7th February, 2012
Harrow unveils new budget plans to modernise local services
Those occupying flats to rent in Harrow have been promised that local services will be protected or improved under new plans from the regional council.
Read Article ... Published on 6th February, 2012
Borehamwood park to compete for Green Flag Award
People living in flats to rent in Borehamwood will see their local Aberford Park compete for a Green Flag Award once again this summer.
Read Article ... Published on 6th February, 2012
Plans for new Highbury Roundhouse developments outlined
People in flats to rent in Highbury have seen plans to redevelop the current site of the Highbury Roundhouse community centre take another step forward.
Read Article ... Published on 3rd February, 2012
Improvement programme to be launched for Ruislip Manor shops
Those occupying flats to rent in Ruislip are set to benefit from a new scheme that will improve the look of shops in the Ruislip Manor area.
Read Article ... Published on 3rd February, 2012
South Kensington's revamped Exhibition Road officially opens
Demand for flats to rent in South Kensington could be set to rise following the official opening of the revamped and redeveloped Exhibition Road area.
Read Article ... Published on 2nd February, 2012
House prices fell two per cent in June, the sharpest rate of decline in 20 years, according to latest findings.