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UK’s house prices show a steady decline - Finance News

UK’s house prices show a steady decline

UK’s largest Mortgage Lender, Halifax has recorded a fall of 15% in house prices over the past 12 months. This fall was the highest since 1983, the time from when Halifax began the series. This October, the average price of a house in the UK was £168,176 while it was £200,000 in October last year, a drop by almost 13.4%. Price of houses in the UK fell by almost 2.2% from September to October indicating a steady decline of rates. This condition is not going to improve too soon.

Economists hope the borrowing rates to reach 4%, a drop by at least 50 basis points while some are even expecting a cut of 100 basis points with positive signals from the MPC of its efforts to reduce the recession effects. MPC’s founding member informed the media that he wishes a cut of 150 basis points, though he thinks it would be just a cut of 50 points or a maximum of 100 basis points and not more than that.

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