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29/11/2005
UK house prices ‘return to stable trend’
UK house prices have remained unchanged in November, bringing annual growth down to 2.4%, the Nationwide has reported.
The lack of growth followed a strong rebound in prices in October, and the building society said that the overall picture was of stability rather than acceleration.
The Nationwide said that the average house price in the UK now stood at £157,139.
Record house prices continued to be “a brake” to the market, the building society said, but said that the “benign” economic environment was “relatively supportive”.
Affordability could reach its long-term level in four years, if house prices remain constant, the Nationwide predicted.
Fionnuala Earley, Nationwide Group Economist, said: “As we expected, the strong rebound in prices in October was temporary, driven by buyers postponing purchases until after the August base rate cut and the overall picture remains one of stability rather than acceleration.
“November’s data suggests that the market has settled back down to the pattern of small rises in some months and small falls in others, with prices overall growing only very slowly.”
(KMcA/SP)
The lack of growth followed a strong rebound in prices in October, and the building society said that the overall picture was of stability rather than acceleration.
The Nationwide said that the average house price in the UK now stood at £157,139.
Record house prices continued to be “a brake” to the market, the building society said, but said that the “benign” economic environment was “relatively supportive”.
Affordability could reach its long-term level in four years, if house prices remain constant, the Nationwide predicted.
Fionnuala Earley, Nationwide Group Economist, said: “As we expected, the strong rebound in prices in October was temporary, driven by buyers postponing purchases until after the August base rate cut and the overall picture remains one of stability rather than acceleration.
“November’s data suggests that the market has settled back down to the pattern of small rises in some months and small falls in others, with prices overall growing only very slowly.”
(KMcA/SP)
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House prices predicted to rise
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House prices predicted to rise
A rise in house prices for the first time in 18 months has been predicted in a poll of chartered surveyors. An increase in demand, combined with the possibility of further interest rate cuts, have led to predictions that the house prices could see a ‘marginal rise’ by the end of the year, the Royal Institution of Chartered Surveyors reported.
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