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The biggest fall in property prices since 1992

House prices in UK fell by 2.5 per cent in March according to Halifax bank, the biggest mortgage lender. The current monthly fall is the biggest since September 1992, when the property market crashed and interest rates went up to 15 per cent.

The figures show that a drop in the prices has been registered in 22 of London�s 33 boroughs. Halifax�s estimated price for an average property in the capital is ?304,780. This is bad news for sellers as they have to readjust the asking prices for their properties, sometimes losing thousands of pounds.

The credit crunch is having an effect on first-time buyers as cheap credit for borrowers begun to dry up. Abbey bank, UK�s second biggest lender, just recently withdrew its 100 per cent mortgages from the market. Currently only Bank of Ireland and Bristol & West are offering them to first-time buyers.

Published on 13/04/2008

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The biggest fall in property prices since 1992