Should we fear a Housing market crash?
House prices have slumped in their biggest monthly fall on record,
wiping away the equivalence of 6000 pounds of the average price of a house. Britain’s biggest lender, The Halifax, said in September the average property sold for 162,096 pounds, which fell by 3,6% in August, but overall in the second quarter the fall in house prices was only 0.9% in comparison to the previous quarter-on-quarter falls of between 5% and 6%.
Halifax said an increase in properties on the market, combined with a drop in demand fuelled by economic uncertainty, have forced prices down.
The recent data that were gathered by The Halifax will undoubtedly raise fears of a housing market crash,
however, it is very important to keep in mind how volatile housing data can be.
Mathieu Schrurs
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