The UK is facing two to three years of falling house prices with the latest indices showing they are already declining and experts warning of a double dip recession. The latest figures from the Department of Communities and Local Government show that residential prices fell 0.3% in July compared with the previous month. The figures, which traditionally lag behind other house price surveys, also revealed a slowdown in annual house price inflation. This stood at 8.4% in July.
The average home cost £220,240 in England, £170,782 in Scotland, £147,770 in Northern Ireland, and £157,166 in Wales, the report said. There was also a North-South divide in England, with prices in the East, in London, in the South East and in the South West, all higher than the UK average.
Click Here to Read The Full Story and Add your Own Comments to
UK facing two to three years of falling property prices as risk of double dip recession increases and lending remains weak
