Investors poised as house price slump continues
News Category: Industry News
Published: 28-Aug-2008
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UK house prices continued to fall during August, presenting further opportunities for investors to make cheap additions to their property portfolios.
New data from Nationwide shows the value of homes across the UK slid by 1.9 per cent over the course of the month.
The fall means that house prices have dropped by 10.5 per cent over the last 12 months, to bring the average value of a property to £164,654.
Fionnuala Earley, chief economist at the lender, said "Recent activity levels in the housing market have been very subdued.
House builders in particular have been reporting significant reductions in site visits and reservations of new properties since this time last year, in spite of a big increase in the use of sales incentives.
With further falls expected to come this climate is favouring landlords and property investors who could pick up properties for cheaperamong slackening demand from consumers.
Dwindling demand for buying homes is behind a huge increase in the number of properties on the books of UK letting agents, as would-be sellers opt to rent them out instead.
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