Sunday, October 24, 2010
HOUSE prices are sliding again and George Osborneâ€™s brutal spending review looks set to accelerate the marketâ€™s decline. Even before the Chancellor announced his Â£81 billion cuts, property prices were coming under severe pressure. The prospect of nearly 500,000 public sector job losses will make things worse by increasing the number of distressed sales. Last month mortgage lending hit its lowest level for a decade at just Â£12 billion, due to a shortage of finance and dwindling confidence, according to the Council of Mortgage Lenders. This followed shock figures from Halifax showing a record 3.6 per cent drop in house prices in September, the biggest fall in 27 years.