Low pay rises, higher taxes and inflation are straining buyers within the housing market. Compared to this time last year the average housing market has been declared to be 3.5% cheaper, whereas from data within the past 3 months it has been decreased by 1.2%.

In June comparing this month with previous ones there was a fall of 0.5% each quarter.

“Tightening in market conditions earlier in the year is likely to have been the main factors behind the recent improvements in price trends.” Halifax housing economist Martin Ellis

Mortgage payments have fallen by 48% in the second quarter of 2011 shown by Halifax.  Read more...

Since June last year there has been a 1.1% decrease in house prices. Due to the economic growth being too weak there is no improvement in the housing market. The average cost decreasing to £168,205 in June.

All over June the house prices were flat throughout which is why the month was equivalent to the previous year. May recorded an increase of 0.6% but this still didn’t make it any better for June and still led to a high decrease.

With consumer confidence increases in May and employment edging up there are few people producing household developments as they are still struggling financially. With debt levels still rising the household finance are in danger.  Read more...