According to brand-new figures from the Halifax, property prices during May rose by just 0.5%, following an earlier much larger price drop of 2.3% in April. This leaves the average UK home worth £160,941, according to the Halifax.
The Halifax study confirms that overall property prices in the quarter ending May 2012 were actually 0.1% lower than in the corresponding period of 12 months earlier.
Figures contained in a property price survey released by the Nationwide showed a similar picture – with May 2012 seeing typical values increasing by 0.3% and showing a 0.7% drop compared with one year previously.
The overall picture seems to show broadly stable house pricing – with industry experts expecting that the housing market will stagnate for the rest of the year.
So what’s the silver lining? It’s a great time to consider that lease extension.
Extending a lease is simply more expensive in a rising market – so with house and flat prices remaining depressed, negotiating a leasehold extension with your landlord is going to prove cheaper. Remember, if you own a flat, you’re going to have to extend that lease some time – unless you don’t want to sell it and are happy to see your asset simply vanish when the lease term expires. So it makes good sense to do it while prices are low, rather than wait for the cost of lease extensions to go up in a rising housing market.
If you’re interested in extending the lease on your flat, why not contact our specialist leasehold extension solicitors on 01722 422300 today.