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16/01/2007
Cooling house prices after interest rate hikes
The latest figures on house price rises show that the market has cooled following the November interest rate rise.
The UK housing market survey published today revealed that the pace of increase remains strong, above the long term average of 21%, but it is the first real evidence that the November rate rise has started to take some of the heat out of the market.
RICS spokesman Ian Perry commented: "Interest rate rises have started to cool the housing market and last week's rise will have a further impact in the coming months, but the market remains strong.
"However, the rate rise will do nothing to aid home owners struggling with affordability conditions with more repossessions looming on the horizon.
"As we move further into the new year, consumers will begin to tighten their belts as finances come under pressure but rising wages and employment will continue to boost the economy and RICS expects interest rates to finish at 5.5% by year end.”
Although the market experienced its first slowdown since 2004, it remains firm, sustained by a booming city economy and a strong financial services sector.
House prices remain strong in London with few signs of the market easing up despite higher interest rates.
House price rises in the North have accelerated but outside London, the South East has started to slowdown.
Completed property sales rose to 28.5 per surveyor from 28.4 in September – the highest since August 2004. The ratio of completed sales compared to the stock of available property rose to 42.8% from 42.5 %.
This is the highest ratio in two years and a strong indicator of a still buoyant market.
New buyer enquiries stabilised in December reinforcing the strength of the underlying economy in light of the two quarter point interest rate hikes that have taken place since August.
(SP/KMcA)
The UK housing market survey published today revealed that the pace of increase remains strong, above the long term average of 21%, but it is the first real evidence that the November rate rise has started to take some of the heat out of the market.
RICS spokesman Ian Perry commented: "Interest rate rises have started to cool the housing market and last week's rise will have a further impact in the coming months, but the market remains strong.
"However, the rate rise will do nothing to aid home owners struggling with affordability conditions with more repossessions looming on the horizon.
"As we move further into the new year, consumers will begin to tighten their belts as finances come under pressure but rising wages and employment will continue to boost the economy and RICS expects interest rates to finish at 5.5% by year end.”
Although the market experienced its first slowdown since 2004, it remains firm, sustained by a booming city economy and a strong financial services sector.
House prices remain strong in London with few signs of the market easing up despite higher interest rates.
House price rises in the North have accelerated but outside London, the South East has started to slowdown.
Completed property sales rose to 28.5 per surveyor from 28.4 in September – the highest since August 2004. The ratio of completed sales compared to the stock of available property rose to 42.8% from 42.5 %.
This is the highest ratio in two years and a strong indicator of a still buoyant market.
New buyer enquiries stabilised in December reinforcing the strength of the underlying economy in light of the two quarter point interest rate hikes that have taken place since August.
(SP/KMcA)
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28 September 2006
September house prices 'unseasonably strong'
House prices were "unseasonably strong" in September, the Nationwide has reported. The building society's latest housing survey found that August's interest rate rise did little to cool house prices the following month. House prices increased by 1.3%, bringing the annual rate to 8.2%. The average house price in the UK is now £169,413.
September house prices 'unseasonably strong'
House prices were "unseasonably strong" in September, the Nationwide has reported. The building society's latest housing survey found that August's interest rate rise did little to cool house prices the following month. House prices increased by 1.3%, bringing the annual rate to 8.2%. The average house price in the UK is now £169,413.
13 August 2013
Housing Market Showing Signs Of Recovery
The latest RICS Residential Market Survey has suggested that the UK housing market has turned a corner. It was also revealed that buyers returned to the market in their largest numbers for four years.
Housing Market Showing Signs Of Recovery
The latest RICS Residential Market Survey has suggested that the UK housing market has turned a corner. It was also revealed that buyers returned to the market in their largest numbers for four years.
12 October 2009
Remortgaging Continues To Decline
The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
Remortgaging Continues To Decline
The mortgage market is on two speed settings, as house purchase lending continues to recover but remortgaging continues to decline, according to the latest data released by the Council of Mortgage Lenders (CML). The number of house purchase loans in August (53,000) is down 5% from July but 29% higher than August a year ago.
02 June 2005
UK house price rise continues to level off
According to the latest survey on house prices, growth in the sector has slowed to its lowest level in almost a decade. The report from the Nationwide Building Society has revealed that house prices have risen by just 5.5% in the year ending May, the lowest year-on-year increase since August 1996.
UK house price rise continues to level off
According to the latest survey on house prices, growth in the sector has slowed to its lowest level in almost a decade. The report from the Nationwide Building Society has revealed that house prices have risen by just 5.5% in the year ending May, the lowest year-on-year increase since August 1996.
05 April 2005
House prices rise following March dip
House prices increased by 0.5% in March, the Halifax has reported, offsetting the 0.5% fall in February. There has been "virtually no change" in UK house prices since last September.
House prices rise following March dip
House prices increased by 0.5% in March, the Halifax has reported, offsetting the 0.5% fall in February. There has been "virtually no change" in UK house prices since last September.
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