Great Britain: real estate becomes cheaper with record rates
10 April 2008Reduction in rates of real estate prices in the Great Britain has reached record parameters for last 16 years. Such information has been given in the message of the largest British hypothec company Halifax.
British real estate market “is in fever”, caused by instability of the world financial and credit market.
The prices for houses and apartments in the Great Britain in March of this year have fallen on 2,5 % that is the largest monthly depreciation of habitation since September, 1992.
At the same time, in view of inflation the habitation all the same continues to rise in price. According to Halifax, in relative figures of the price for the real estate is approximately on 1 % higher, than one year ago.
Now cost of the average house or an apartment in the Great Britain makes hardly more than 190 thousand pounds sterling (nearby $380 thousand).
Principal causes of prices’ reduction in the market of the British real estate rely high interest rates under the hypothec credits, the refinancing of Bank of England, adhered to the rate, and also toughening of conditions of reception of the mortgage for clients.
