House prices plummet in latest figures

The latest Halifax house price figures have revealed a 2.5 per cent fall in house prices in March, a statistic which may indicate that those buying homes now could be at risk of negative equity.

In the statistics the west Midlands and Wales were the regions which suffered the most over the first quarter of 2008, seeing prices drop by five per cent and 4.7 per cent respectively.

The south-west saw the third highest drop at 2.6 per cent, indicating that the more westerly areas saw the greatest price declines.

Commenting on the figures, Royal Institution of Chartered Surveyors' chief economist Simon Rubinsohn said that year-on-year price inflation, currently at 1.1 per cent, was at risk of turning negative, which he forecast would "compound the negative newsflow on the housing market".

Those looking to save money to get on the housing ladder and ensure the value of their house is consequently less vulnerable to price falls may look to achieve this via the self build method.


© Adfero Ltd