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Since July 2013 the United Kingdom has not seen the property market slow down until last month, February. According to UK leading Bank, Halifax, this is due to the drop in consumer finances and mortgages being taken out.
“A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home” – Halifax housing economist, Martin Ellis.
The relationship between consumer’s financial earnings and spending power is almost synonymous. If a consumer doesn’t take a mortgage out for a property it can effect the interest rates banks are charging and the price of properties in the UK.
The UK house price increased by 5.1 percent 3 months leading up to February, which is down from 5.7 percent in the same period last year (2016). This is also significantly lower than forecasts which predicted the house price to increase at 5.4 percent. The drop of 0.3 percent is an indication of the property market being unstable in the first quarter of 2017.
A reduced momentum in the property market has been mainly attributed to the decline in the job market. The confidence that consumer has in their finances is heavily influenced by their immediate earnings and therefore will prove to be an unstable year for the property market.
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