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07/06/2005
House prices remain ‘broadly unchanged’
House prices fell by 0.6% in May, the Halifax has announced, although prices are “broadly unchanged” so far this year, falling by just 0.1% in the first five months of 2005.
As a result of the latest figures, the Halifax is predicting a “modest decline” of 2% in house prices this year, across the UK.
Tim Crawford, Halifax group economist, said: “The picture for 2005 is one of a flat housing market. So far this year, prices are broadly unchanged with only a 0.1% fall.”
The Halifax said that prices have risen in three out of the past six months and fallen in the other three months.
However, Halifax said that estate agents had reported broad stability in market activity in recent months, although sales remained around 30% lower than 2004. The number of loans approved for house purchase also rose for the third successive month in April, from 92,000 to 95,000. This was the highest level of approvals in nine months, demonstrating that the housing market was beginning to stabilise, although the number of loans remained 20% lower than 2004 and 11% below the five-year average for monthly home approvals.
The Halifax also said that the number of first-time buyers was continuing to fall, with the number of first time buyers reported as 29% lower in the first four months of 2005 than the same period last year.
However, the Halifax reported that average house prices were beginning to fall as a multiple of average earnings, since last autumn, reflecting the slowdown in house prices. The trend is expected to continue over the coming months, making it easier for first-time buyers to enter the market.
(KMcA/SP)
As a result of the latest figures, the Halifax is predicting a “modest decline” of 2% in house prices this year, across the UK.
Tim Crawford, Halifax group economist, said: “The picture for 2005 is one of a flat housing market. So far this year, prices are broadly unchanged with only a 0.1% fall.”
The Halifax said that prices have risen in three out of the past six months and fallen in the other three months.
However, Halifax said that estate agents had reported broad stability in market activity in recent months, although sales remained around 30% lower than 2004. The number of loans approved for house purchase also rose for the third successive month in April, from 92,000 to 95,000. This was the highest level of approvals in nine months, demonstrating that the housing market was beginning to stabilise, although the number of loans remained 20% lower than 2004 and 11% below the five-year average for monthly home approvals.
The Halifax also said that the number of first-time buyers was continuing to fall, with the number of first time buyers reported as 29% lower in the first four months of 2005 than the same period last year.
However, the Halifax reported that average house prices were beginning to fall as a multiple of average earnings, since last autumn, reflecting the slowdown in house prices. The trend is expected to continue over the coming months, making it easier for first-time buyers to enter the market.
(KMcA/SP)
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Halifax reports house prices rise
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