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Halifax reports biggest annual house price fall since 1983
04/09/2008 @ 15:00
Halifax has reported the biggest annual drop in house prices since 1983, dour news that will prompt buyers to seek overseas investment properties.
The high street building society found that house prices dropped by nearly 11 per cent on last year and by 1.8 per cent on August. The average UK home is now worth just over £174,000. Halifax said that the rising costs of living and the continuing effects of the credit crunch are still driving down house prices.
The government is attempting to introduce new measures to revitalise the UK housing market, including raising the stamp duty threshold, but many buyers will remain unconvinced and will be looking for overseas investment property as economic recession beckons.
Several high profile house building firms in the UK have announced huge losses in the past few weeks and months, and major redundancies have been instigated as businesses associated with the housing market struggle to stay afloat.
Warm weather, taxation relief and favourable economic conditions will convince many buyers to seek Caribbean property investments.
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