Average Property Prices
Annual average property prices in the UK dropped for 2007 for the first ime since 1995. The average price in England was £174,000 which is down 11K on the prevfious year. The CEBR (Center For Economic Research)predicts a fall of 2.5% duing 2008.
This follows Northern Rock, US financial/lending crisis and last weeks stock market crash.
The lack of new available housing has not balanced out this trend, and people in new build housing and in outlying rural areas appear to be most affected.
Average property prices have not decreased since before New Labour took over and whether Gordon Brown is about to cut interest rates we will find out in the months to come.
With an election in the offing will Gordon Brown go medium term or short term? Average property prices will be determined by interest rates which there are predicted to be 4 this year….