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29/01/2009
House Prices Drop By 1.3%
House prices are continuing to fall during January, by a further 1.3% according to figures released by the Nationwide.
January's decline leaves the average price of a typical house at £150,501, down 16.6% from a year ago.
Mortgage approvals for house purchase also fell to a record low of 27,000 in November, and partial figures for December suggest there has only been a small improvement since then.
Commenting on the figures Martin Gahbauer, Nationwide's Senior Economist, said: "House purchase approvals have historically been a good lead indicator of house price movements, and we would not expect to see a stabilisation of property prices until approvals recover significantly from current levels. In the past approvals have tended to move in line with new buyer enquiries and approvals has broken down, with buyer enquiries recovering quite strongly in recent months while approvals have shown little sign of recovery.
"Historical experience suggests that interest rate cuts typically take 18-24 months to feed through into the wider economy, soit is certainly still too early to claim that they are having no effect.
"While none of these stimuli change the short-term picture for the economy, they do provide the path for a future recovery out of recession. Although this is still some way off, it would undoubtedly improve the outlook for the housing market."
(CD/JM)
January's decline leaves the average price of a typical house at £150,501, down 16.6% from a year ago.
Mortgage approvals for house purchase also fell to a record low of 27,000 in November, and partial figures for December suggest there has only been a small improvement since then.
Commenting on the figures Martin Gahbauer, Nationwide's Senior Economist, said: "House purchase approvals have historically been a good lead indicator of house price movements, and we would not expect to see a stabilisation of property prices until approvals recover significantly from current levels. In the past approvals have tended to move in line with new buyer enquiries and approvals has broken down, with buyer enquiries recovering quite strongly in recent months while approvals have shown little sign of recovery.
"Historical experience suggests that interest rate cuts typically take 18-24 months to feed through into the wider economy, soit is certainly still too early to claim that they are having no effect.
"While none of these stimuli change the short-term picture for the economy, they do provide the path for a future recovery out of recession. Although this is still some way off, it would undoubtedly improve the outlook for the housing market."
(CD/JM)
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30 March 2009
Mortgage Approvals Rise By 19%
The number of mortgages approved for house purchases in Britain has jumped by 19% in February, figures have revealed. Bank of England figures showed there were 38,000 approvals last month, up from 32,000 in January.
Mortgage Approvals Rise By 19%
The number of mortgages approved for house purchases in Britain has jumped by 19% in February, figures have revealed. Bank of England figures showed there were 38,000 approvals last month, up from 32,000 in January.
26 February 2009
House Prices Drop By 1.8%
The price of a typical house fell by 1.8% in February bringing the annual rate of change to -17.6% according to the latest figures released by the Nationwide. The average house price has now fallen to £147,746, compared with £179,358 at the same point last year.
House Prices Drop By 1.8%
The price of a typical house fell by 1.8% in February bringing the annual rate of change to -17.6% according to the latest figures released by the Nationwide. The average house price has now fallen to £147,746, compared with £179,358 at the same point last year.
01 September 2005
Fall in house prices reported
House prices fell by 0.2% in August, according to the latest figures from the Nationwide. The building society said that the rate of annual house price growth had fallen to 2.3%; it’s lowest level in nine years.
Fall in house prices reported
House prices fell by 0.2% in August, according to the latest figures from the Nationwide. The building society said that the rate of annual house price growth had fallen to 2.3%; it’s lowest level in nine years.
07 September 2005
Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
29 February 2008
January House Prices Show Slight Increase
House prices in England and Wales increased by just 0.9% in January, according to the latest monthly figures from Land Registry. The increase takes the average house price to £186,045. However, the data shows a decline in annual house price changes, from 6.7% last month to 6.4% this month. London experienced annual price growth of 13.
January House Prices Show Slight Increase
House prices in England and Wales increased by just 0.9% in January, according to the latest monthly figures from Land Registry. The increase takes the average house price to £186,045. However, the data shows a decline in annual house price changes, from 6.7% last month to 6.4% this month. London experienced annual price growth of 13.
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Northern Ireland WeatherToday:A cloudy day with outbreaks of mainly light rain at times, although there may be the odd heavier burst. Driest in the south and east during the afternoon. Moderate southwesterly winds. Maximum temperature 11 °C.Tonight:Staying cloudy throughout the evening and overnight period with a little rain or drizzle at times. Mild overnight with light winds. Minimum temperature 7 °C.
