Press Release Summary: The house price growth slowed down further by May, the government statistics revealed on Tuesday, reinforcing far-flung evidence that a abrupt housing market downturn would be steadily underway.
Press Release Body: Thursday, July 10, 2008 (Online-unsecured-loans)- The insulation survey from the Local Department and Department of Communities which ascertains the worth when security interest loans are made, mentioned house prices were 3.7 percent high a year ago in May, low from the 4.9 percent rise during the month April.
What is more the costs were 0.3 percent low during the month, which took the average house pricing amazingly down up to 218,151 pounds.
\"Intense downward pressure on house prices still continues to retain with very weak housing market activity, the raised affordability pressures on prospective house buyers and very taut credit conditions,\" said Howard Archer, an economist at Global Insight.
The statistics would possibly add more pressure on the Bank of England to cut down the high interest rates to elevate a broadly drooping economy, though the rising inflation would probably mean that the interest rates would likely stay on hold for still some few months to come.
Some other less-backward looking studies are reporting even more sharp diminution in the house prices, which is raising concerns over the housing market smash subsequently during a decade in which the costs trebled.
The credit crush has even made it harder to acquire funding for a home while the high cost of living and subdued wage growth are conspiring to contract first-time customer out of the market.
Last week, a report form the Nationwide building society claimed a 6.3 percent annual drop in house prices in June -- the lowest rating since December 1992 and that is more than 7 percent beneath the extreme hit late during the last year.
Anecdotal evidence even reports that the conditions in the market are steadily getting low. One of biggest house builders of Britain , Persimmon, said on Tuesday, it had almost sold a third less houses during the first half of this current year than in 2007.
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