Press Release Summary: House prices in the British land have shown a significant fall of 12.7 percent for the time period spanning over seven months successively. This was the verdict of the survey that was put before the eyes of public on Thursday.
Press Release Body: London (Longdog Finance) September 5, 2008: According to a survey recently conducted by the much recognised HBOS organisation, the house prices have gone down significantly by a huge margin of 12.7 percent. This is not a good piece of news, specially for the people who are owning a huge bulk of land.
According to HBOS, the prices of property in the world\'s fourth largest economy has come down by 1.8 percent in the last month only. The reason that is being cited behind all this economical commotion is the existing liquidity crisis which is making it more hard for the borrowers of homeowner loans to get suitable deals for themselves.
On the other hand, Bank of England is expected to keep the rate of interest constant at 5 percent only. This is chiefly due to the high inflation rate that is proving to be a major concern for the policy framers of the bank.
Construction and retail companies too feature in the list of worst affected parties due to this situation. The liquidity crisis along with the present situation has severely dented the confidence of these companies.
Economist Howard Archer, who is currently working with Global Insight, expressed his concern over the situation, saying, “ very negative housing market sentiment heightens the risk that house prices will continue to fall sharply for some time to come.” But he is quite optimistic about the fact that conditions will improve in near future.
Thus it is advised to all the prospective buyers, who are interested in buying property in UK, availing loans for homeowner or no fee loans will be an ideal choice, despite the current credit crunch.
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