The regular Halifax house price report has shown that, in the year to June, property prices have fallen by 6.1 percent.
The forecast by the Halifax for the rest of the year is a fall over the 12 month period of around 9 percent. At the moment property prices are at similar levels to August 2006 though further drops will take values to earlier dates than that.
The chief economist from the Halifax felt that the current situation, with strong employment meant that the future could be alright for property prices, though were a recession to hit the UK this could very quickly change.
One of the biggest mortgage providers in the UK, the Halifax, has announced more interest rate reductions on several of its home loan products.
The average mortgage rate reduction made by the Halifax is 0.25 percent, with most of its main tracker and fixed rate products enjoying this cut. Potential customers should be aware that they need to put down a deposit of at least 25 percent in order to receive this lower rate.
A Halifax spokesman explained that they were passing on recent reductions in the cost of borrowing that the banks charge each other, feeling it is in the interest of the market to offer the very best possible rate whenever possible.
In the current property situation it appears that the majority of homeowners improving their properties are doing so to increase its value according to the Halifax.
The Halifax survey found that around 28 percent of people are planning home improvements this year, with the primary objective being add value. Of these people around half of them are expecting to add in the region of GBP5,000 to what the property is worth, with over 10 percent aiming for between GBP10,000 and GBP25,000.
By far the most popular improvement is redecorating, followed by garden improvements and adding new furnishings. A Halifax spokesman said that home improvements can add value to a home, although expectations of higher property values should be balanced against a market where the buyer is stronger right now, so prices can be variable.
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