Menu
30/05/2002
Nationwide reveal further rise in UK house prices
The latest survey from the Nationwide Building Society has revealed that British house prices rose in May to their highest annual rate in 13 years.
Overall, house prices rose by 2.1% during the month, taking their annual growth rate to 17.9% - the highest since the boom of the late 1980s.
Commenting on the figures Alex Bannister, Nationwide's group economist, said the boom showed few signs of running out of steam. He added: "There has been no slackening in the demand for property in May. UK property prices rose 2.1% in the month and annual house price inflation increased to 17.9% - the highest figure since 1989.
"The housing market is almost certainly going through a period when households are adjusting to low inflation and low mortgage rates. Certainly consumers appear willing to take on higher levels of mortgage debt even though their payments as a proportion of their pay will not erode as quickly as during the seventies and eighties.
"Long-term affordability relationships are changing which in turn may push house prices up stronger than cost of living inflation. Following this adjustment, house price growth should return to a more sustainable rate of between 4-5% per annum.
However, this period of adjustment may be protracted given the positive economic backdrop for borrowers and the considerable momentum in the market."
The number of completed house purchases rose by 27% year on year in May, the Nationwide said, and a corresponding surge in mortgage applications was seen as evidence that turnover will remain buoyant.
(MB)
Overall, house prices rose by 2.1% during the month, taking their annual growth rate to 17.9% - the highest since the boom of the late 1980s.
Commenting on the figures Alex Bannister, Nationwide's group economist, said the boom showed few signs of running out of steam. He added: "There has been no slackening in the demand for property in May. UK property prices rose 2.1% in the month and annual house price inflation increased to 17.9% - the highest figure since 1989.
"The housing market is almost certainly going through a period when households are adjusting to low inflation and low mortgage rates. Certainly consumers appear willing to take on higher levels of mortgage debt even though their payments as a proportion of their pay will not erode as quickly as during the seventies and eighties.
"Long-term affordability relationships are changing which in turn may push house prices up stronger than cost of living inflation. Following this adjustment, house price growth should return to a more sustainable rate of between 4-5% per annum.
However, this period of adjustment may be protracted given the positive economic backdrop for borrowers and the considerable momentum in the market."
The number of completed house purchases rose by 27% year on year in May, the Nationwide said, and a corresponding surge in mortgage applications was seen as evidence that turnover will remain buoyant.
(MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
17 September 2024
Why Are There No Casinos In Northern Ireland?
The United Kingdom has a long and celebrated gambling history. From the green grasses of Aintree racecourse to the luxurious surroundings of James Bond's favourite casinos, gambling is as much a part of British culture as tea, rubbish weather and roast dinners.
Why Are There No Casinos In Northern Ireland?
The United Kingdom has a long and celebrated gambling history. From the green grasses of Aintree racecourse to the luxurious surroundings of James Bond's favourite casinos, gambling is as much a part of British culture as tea, rubbish weather and roast dinners.
26 June 2002
NI house prices amongst fastest growing in UK
House prices in Northern Ireland have been growing faster than anywhere else in the UK outside London and the Home Counties, according to business advisors PricewaterhouseCoopers (PwC). According to the latest issue of PwC’s ‘UK Economic Outlook’, London house prices rose by 250% since 1995, followed by the southeast of England and East Anglia.
NI house prices amongst fastest growing in UK
House prices in Northern Ireland have been growing faster than anywhere else in the UK outside London and the Home Counties, according to business advisors PricewaterhouseCoopers (PwC). According to the latest issue of PwC’s ‘UK Economic Outlook’, London house prices rose by 250% since 1995, followed by the southeast of England and East Anglia.
07 December 2005
'Strong rise’ in UK consumer confidence
Consumer confidence is on the rise in the UK ahead of Christmas, the Nationwide building society has reported. The Nationwide reported that its Consumer Confidence Index had risen by 9 points in November to 101 – the largest monthly change recorded.
'Strong rise’ in UK consumer confidence
Consumer confidence is on the rise in the UK ahead of Christmas, the Nationwide building society has reported. The Nationwide reported that its Consumer Confidence Index had risen by 9 points in November to 101 – the largest monthly change recorded.
07 March 2002
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
Halifax report continuing rise in house prices
House prices in the UK have risen by almost 17 per cent according to the latest survey figures released by the Halifax. The report, published on Thursday 7 March, has shown that in February, property prices rose by more than one-sixth on the same time a year earlier – representing the fastest annual rate of growth in 12 years.
05 September 2001
Halifax report houses prices are continuing to rise
The latest figures released by leading mortgage lender Halifax have shown that the annual rate of house price inflation has hit 10.9 per cent. The Halifax, UK’s largest mortgage bank, also revealed that that house prices in August rose by 1.5 per cent, more than twice the increase seen in July.
Halifax report houses prices are continuing to rise
The latest figures released by leading mortgage lender Halifax have shown that the annual rate of house price inflation has hit 10.9 per cent. The Halifax, UK’s largest mortgage bank, also revealed that that house prices in August rose by 1.5 per cent, more than twice the increase seen in July.
-
Northern Ireland WeatherThis Evening and Tonight:Another dry and mainly cloudy evening and overnight period, likely cloudiest towards coastal Down and Antrim. It will be a mild night in most places but a little colder where skies become clearer. Minimum temperature 7 °C.
