Doom and gloom still resides in the property market as many online news sources reported that the number of people moving is at its lowest point since records began in 1978. The RICs said this was down to difficulty for buyers trying to obtain home loans. According to the Halifax house prices continued to fall in June by 2%. This makes the average home valued at around 180,344 which is 6.1% lower than the same time last year.

This news indicates that for eight consecutive months house prices have continued fall. The current property anguish is not concentrated to just England either with Northern Ireland also reporting house prices falls of 9% between April to June. Although this sadly is nothing compared to Sheffield which experienced a drop of 17% in April to June. And even the property powerhouse that is London is succumbing to the property woes with up to 75% of surveyors reporting house price drops.

These figures are of no surprise when you consider the deteriorating number of mortgages available to buyers. It was stated in the news today that people with only a 5% deposit are finding it extremely difficult to find a mortgage with the best deals only open to those with a deposit of 25% or more. As result of this situation it does mean that people who are positioned favourably financially speaking it does mean they can potentially pick up a bargain.

Another part of the market which seems to be benefiting from the current situation is the rental market. The Association of Residential Letting Agents is reporting that rents are rising and will continue to rise in the short term. This means that a wave of buy to let investors will be flooding in snapping up deals making it even more difficult for first time buyer to get on the ladder.

Related posts:

1. UK Property News July 02 2008
2. Property News Round Up 9th June 2008
3. Property sales continue to plummet
4. UK Property News June 03 2008
5. Property News 16th June 2008