UK Home Values fall slightly during the month of November
Uncertainty within the UK housing market remains the prevalent theme regarding the recovery of the economy, and the market seems to be in a perpetual rut. Economists are predicting the market to remain flat for the coming months, and the holiday months certainly do not help in any way. Property values continue to suffer due to the deflated demand level. Halifax has recently released a report discussing the value of homes. For the month of November, values fell by an estimated 1% month on month.
The average home in the UK now sits at just south of 162,000 pounds, according to Halifax.
Halifax property expert Martin Ellis, commented on the recent report, saying: "House prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households’ finances...We expect the market to remain broadly unchanged in the coming months."
Several property experts disagree with the Ellis opinion. Those disagreeing claim home prices will slide further during the year 2012. There seems to be a majority thinking a slide is imminent, but how much of a slide is not possible to predict.
All opinions do point in the same direction on one front however. That being the Bank of England will hold the base rate at the low level of 0.5%. The next meeting of the Monetary Policy Committee will be held December 8th. The base rate has been voted on to stay at the current level for more than two years now.