House price declines set to 'persist'
www.moneynews.co.uk > Housing market > House price declines set to 'persist'
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Money News |
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House price declines set to 'persist'
Fri 29th Feb 2008
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Its comments come on the back of an announcement from Nationwide earlier today, which revealed that house prices have dropped for the fourth consecutive month, bringing the annual rate of house price inflation down to 2.7 per cent, the lowest level since November 2007.
The average house price dipped by 0.5 per cent during February and now stands at £179,385.
Rics singled out first-time buyers as potential victims of the current housing market situation, with many mortgage lenders "scaling back loan to value ratios" and giving existing homeowners preferential lending rates.
It said that without the support of first-time buyers, house prices are likely to continue to fall.
Rics also noted that although the number of mortgage approvals rose slightly last month, at 74,000 approvals are still close to historic lows and are down 40 per cent from January 2007.
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