Housing slump intensifies – prices drop by 2.4%

The most recent statistics reveal that house prices have dropped lower than the levels recorded during the infamous property market crash of the 90’s. Indeed, experts are interpreting the latest developments as the beginnings of a housing recession in the UK, reports The Independent.

According to recent figures published by Halifax, the national house price index, house prices decreased by 2.4% in the month of May alone, by 6.3% over the past three months, and by 3.8% since the beginning of the year. To compound matters, the Bank of England has reiterated that interest rates will remain at 5% due to the growing threat of inflation.

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Property experts predict that house prices will continue to decrease this year, and that the UK could be looking at a total drop of as much as 15-20% by 2010.

Unsurprisingly, the current property market slump has serious repercussions for homeowners who are looking to sell their properties, as banks and other mortgage lenders are becoming increasingly reluctant to approve loans. Do yourself a favour and contact MPG Investments for your options today – we offer cash for houses.