The average house price in the UK is falling month by month, especially in and around London. In addition, the number of both houses and flats changing hands has reduced, decreasing by approximately 1,000 within one year.
House prices in the commuter belt around London are decreasing rapidly, where previously they held. Meanwhile, in the South East of England we've seen a price reduction of around 2%. Property websites have reported a 0.2% dip when they normally see a rise after summer.
Meanwhile, high street inflation has reduced even more dramatically expected, dropping to approximately 1.7%. This is the lowest rate of inflation that has been seen for several years, and is more significant than the 1.9% that. economists predicted. At the Office of National Statists, experts note that this is likely the result of an increase in clothing prices and a decrease in computer game prices.
If you're a homeowner, be sure to take this latest information about falling house prices into account. If you're thinking about selling, now may be the right time to make the call.