News John on 30 May 2008 01:59 pm
The BBC is reporting that the Land Registry has confirmed that property prices fell by 0.2% during April, taking the average house price down to £183,626.
As a result the annual rate of house price inflation fell again, from 3.6% to 2.7%. That’s the eight drop in a row though it’s not a sharp a drop as other surveys have - Nationwide for example recently claimed prices have dropped 2.5% during May bringing the average house price down to £173,583.
The Land Registry told the BBC that:
This latest movement continues to point towards a weakening housing market.
So what does this mean for those of us seeking financial freedom? Well it’s bad news if you absolutely have to sell your home, otherwise it’s not necessarily going to affect you.
It might even be good news if you’re looking to invest in property as the drop in house prices will help make more properties stack up as investment opportunities, meanwhile more and more people are looking to rent increasing demand for those rental properties. Think carefully before you invest though as prices are likely to keep dropping for a while yet.
Personally I’m keeping an eye on the local market and expecting to be able to pick up some good bargain investment properties in the next six to nine months.