31 May

UK property prices staggeringly resilient

UK property prices staggeringly resilient

Despite the fact that the UK is currently back in the throes of a double-dip recession, house prices have remained "staggeringly resilient".

According to the latest figures from the Land Registry, house prices have fallen by just 0.3 per cent in April, despite the fact that the end of the stamp duty holiday was predicted to have a detrimental effect on the market.

Paul Holmes, chief executive officer at Firstrung, said that this was quite surprising.

"To be honest, I am staggered that the market for houses has been as resilient as it has. I wonder whether it is something even as basic as a fault in the UK psyche where people can't quite let go of the notion that there is still money to be made by moving around every couple of years."

He also said that it is now perhaps the case that people should see the benefits of paying their mortgage as quickly as they can.ADNFCR-1222-ID-801376659-ADNFCR

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