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Secured loan holders see house price falls

Secured loan holders see house price falls

Category: Loans

Updated: 31/10/2008
First Published: 29/09/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices dropped by 4.6 per cent in the month of August, new figures have revealed.

According data from the Land Registry, the average house price has decreased to £174,493, which could affect secured loan holders around the country.

Meanwhile, the average house price in London is now £336,620 following a fall of 3.6 per cent over the last year.

The lowest average house prices are found in the north-east of England, with the typical property there costing £125,259.

Meanwhile, despite the fall in house prices, it could still be a long time before first-time buyers can purchase a property.

Fair Investment Company stated yesterday that it could be 15 years before many first-time buyers save enough money for a deposit of a secured loan.

"The results just go to show the reality of how first-time buyers don't stand a chance without hefty savings or generous parents," Sharon Bratley from the firm said.

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