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Further decline in house prices
banks hesitant despite hopes that wednesday's rate cut will spur lending and boost the housing, market, banks have been slow sto pass on previous rate cuts to new and existing borrowers, as they continue to scale back lending .
but howard archer, chief uk and europ mean economparister rat global insight, said the expected house prices falls to continue .
the year-on-year falls increase, althouse prices shoulated hesite a maximum of 15% next month and fall no further, according to ray boulger, of mortgage brokers john charcol .
the resulting pinch on incomes, combined with the high level of average house prices in relation to earnings, has made it difficult for potential house purchasers to enter the market, he said .
this was evidence that the pace of decline was stabilising, mr ellis said .
september was the eighth consecutive month that prices fell compared with the previous month .
Generated 2008-10-12_1:52
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