Property downturn continues in May
The latest house price report from Halifax bank has shown that the property downturn continued unimpeded in May.
Average house prices fell 2.4 per cent last month, the bank revealed, drawing out a recurring theme which previously saw downswings of 1.3 per cent in April and 2.5 per cent in March.
Overall, annual house price deflation now stands at 3.8 per cent - paling in comparison to the levels seen in the mid 1990s but severe enough to cause many analysts to reassess their outlook.
Global Insight for one has updated its property price forecasts for the next two years, raising them from seven to 12 per cent in 2008 and nine to 12 per cent the following year.
And according to one of the economic forecaster's chief most pre-eminent analysts, Howard Archer, those figures are far from sensationalist.
"The latest data on the housing market are undeniably alarming," the expert coldly cautioned. "The downward pressure on house prices coming from stretched buyer affordability and tight lending conditions is now biting hard."
Published 5th June, 2008
© 2008 Estates IT Limited
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The latest house price report from Halifax bank has shown that the property downturn continued unimpeded in May.