House Prices Set to Plummet in UK

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.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.