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Home Prices Drop in the UK

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During the month of May, 2008, UK home prices dropped 2.4%, according to a report from Halifax, the nation’s largest mortgage lender. Over the past 12 months, prices have dropped 3.8%, after seeing prices rise substantially for several years. The average home price during May was £184,111. The Nationwide building society found that prices fell 2.5% during May in its latest study on housing.

The Bank of England indicated that interest rates would remain unchanged at 5%, despite the slowdown in the housing market. Figures from the Bank indicate that the number of new mortgages being approved was at its lowest level since the Bank began tracking the numbers in 1993.

While home sales and prices have been falling, the demand for rental properties is on the rise. The Association of Residential Letting Agents (Arla) said that 39% of its agents were reporting more demand than supply, according to the most recent quarterly survey from the association. London has seen the greatest discrepancy between available properties and those looking. Naturally, the capital has the highest rents in the country at approximately £3,000 per month.

While London prices remain at or near record highs, rents throughout the country are actually falling, with average rents for houses down 7% and flats down 9%. Ian Potter, Head of Operations for ARLA, notes that “We are seeing corrections in individual locations throughout the country. The main cause of these is the developments of new blocks of two-bedroomed flats coming on-stream. In many places this has had a positive effect as it has allowed the rental market to provide stability in housing at a time of volatility in the sales market.”

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