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.
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.