In one of the quickest declines the UK housing market has ever seen, house prices in the UK have plummeted by 3.6% in a single month, leaving homeowners with their heads in their hands, unable to believe the loss in value of their houses. It is thought that contributing factors could be the number of houses on the market as well as a decline in prospective buyers due to the unstable economy.
Halifax have commented that the decline is set to continue. A spokesperson from the firm commented:"A shortage of properties for sale contributed to an imbalance between supply and demand and was a key factor driving up house prices last year. An increase in the number of properties available for sale in recent months has reduced the imbalance. At the same time, renewed uncertainty about the economy and jobs has caused consumer confidence to falter recently, dampening the demand for home purchase."
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