/24-7PressRelease/ - LONDON, UK, April 26, 2008 - Annual house price inflation in England has been slowed to its weakest level since mid-2005 this month. The first month-on-month fall in 'asking prices' is lowest in the last six years. A recent survey showed that Britain's once-red hot housing market is feeling the impact of the global credit crunch badly. The annual rate of asking price has been slowed to 1.3 percent in April from 5.0 percent in March. According to the survey, on average, prices have risen 2.8 percent on the month in April since 2002.
The figures of the survey has not taken seasonal factors in the market into account. The findings add to growing evidence of a decline in the housing market as the credit crunch forces banks to cut home loan offerings. Banks have been raising their mortgage lending rates despite of the fact that official borrowing costs have been falling. Now, buying a home is less affordable, because house prices have roughly trebled in the last decade.
British real estate surveyors have reported the most widespread fall in house prices in last 30 years. Britain's biggest mortgage lender Halifax said last week that house prices fell in March at their sharpest pace since the recession of the early 1990s. The slowdown is a natural market reaction to the highly increasing real estate prices and the adverse situation is magnified with the added major complication of the credit crunch.
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