House Prices Hit a Record 8% Slump
September has seen a record 8% fall in annual house price figures in England and Wales.
The 8% figure is almost double that of August, giving more fuel to the fire that an estimated 1.2 billion people will be living in homes worth less than their mortgage.
The fall last month is biggest annual drop after August’s 4.6% drop, which was a record on its own.
This is the 13th month that the annual rate of house price growth has declined and more evidence of the pending recession.
Wales has seen a huge slide of 10.7%, making it the only region to have a double digit dive. This is quickly followed by the East Midlands and South West, with 9.9% and 9.7% falls.
The South West, South East, North East and East Midlands have seen drops of 2% with Yorkshire and the Humber recording drops of 1.2% in September.
London, typically, is still just about holding onto its house prices and has had the smallest year on year comparable decline of 6.1%, followed swiftly by the North West with a mere 6.3%.
The story goes that we are going to be looking at a 50% overall drop in house prices, over the forthcoming months, so with this in mind should we all be buying in London? Let us know what you think of this story. If you have any questions about your mortgage, or how you can get onto the property ladder in these ‘dark days’, then get in touch with Click n go Mortgages.
