Categorized | International

Residential Real Estate Prices in UK Drop Again

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Housing prices throughout the United Kingdom fell once again during the month of April. The residential real estate market has struggled since the tax duty concession was removed.

 

Many homeowners had rushed to get their paperwork in prior to the ending of the exemption to the duty. As such, the months just prior saw a strong boost in home sales and pricing. The residential real estate market is now feeling the after-effects.

 

Only London showed an increasing in sales and pricing during the month of April. However, even London had a weak performance. In fact, April market the worst month for London since the middle of 2011.

 

Consumer confidence is starting to decline in the United Kingdom, as the region has entered its first double-dip recession since the 1970s. With that said, it is not clear as to when the residential real estate market will once again start to improve.

 

Most economists believe that the market will remain in the current double-dip recession for quite some time. They do not believe that the market will experience a crash similar to that seen in the United States, though it is unlikely that there will be any kind of recovery for many months.

 

Some government officials have called for the stamp duty exemption to be put back into place, as its expiration is believed to be one of the primary causes of the most recent real estate decline. On the other hand, other officials believe that a stamp duty exemption will only delay the inevitable.

 

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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