Sunday, October 18, 2009
Category:
Home Improvements
According to Land Registry data for August, the monthly house price change was recorded at minus 0.1 percent.
As a result of the annual fall of 9.4 percent, up from 16.3 percent in February, the average property price in England and Wales now stands at £155,968.
The most significant monthly price increase, with a change of 0.8 percent, was noted in London and the West Midlands. Prospective home buyers in the capital would now be looking at an average house price of £310,640.
In the past year, there was a reduction in average property prices across all regions, with the most noteworthy annual decrease being in the North West where the movement was found to be minus 12.7 percent. The area that experienced the greatest annual price drop, at 23.7 percent, was reported to be Hartlepool.
With regard to completed house sales in England and Wales, an annual comparison between June 2008 and June 2009 revealed a 17 percent reduction from 58,636 to 48,903. However, monthly sales have reportedly risen gradually during the first 6 months of the year, from 26,517 in January.
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Homeowners who have recently moved into a new property, but do not have the funds required to put their personal stamp on it, could consider taking out a secured loan to carry out
home improvements. One of many finance options available, a secured loan for home improvements could be used to fund an array of projects from general re-decoration to bigger structural changes. Some borrowers may wish to create extra living space by means of an extension or conservatory, whilst others may be hankering after a new kitchen or bathroom.
