House Prices Set to Plummet in UK

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Ben Cohen
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Bad news for the UK property market (or good news for those unable to buy houses):

Average house prices fell
for the third month in a row during May, according to the Acadametrics
index, the only measure which uses actual prices for every property transacted in England and Wales
rather than valuation estimates or asking prices.

The scrapping of home
information packs
(Hips) and fears over a steep rise in capital gains tax (CGT) on
second homes and buy-to-let properties propelled more homes on to the
market, driving down prices for the third successive month.

The
average price in May was £220,352, a fall of 0.2% on the month before.
The figures suggest that the housing market may be
experiencing a "double dip", with the post-credit crunch recovery –
which saw prices start to rise again in 2009 – now over.