UK house prices fall for the first time in six years

RECENT data demonstrate that annual UK house prices drop for the first time in six years at the beginning of 2018 among a decline in demand.

Values fell 0.4% in January comparison with last years, in regards to figures shared from Acadata.

The study additional established that London experienced an extreme 4.3% decrease in the fourth quarter of 2017, which is claimed to be its worst performance since the financial crisis in 2009.

Nervousness over the economy among tangled Brexit talks, outlook of interest rate increases and inflationary pressures have reduced demand for housing. Mortgage approvals plunge to the lowest within three years in December in spite of attempts to assist first-time purchasers.

Acadata chairman Peter Williams stated: “This is the eighth consecutive month in which the annual rate of increase has been declining, and now the dial is in the red zone.”

Month-on-month, values increases 0.2% from December to January with the average UK house costing £301,477 and the London average £589,553.

Last week figures presents more than 768,000 people in Britain have become property millionaires appreciates to the surge in the value of housing owing to a lack of affordable homes.