Menu
30/04/2009
House Prices Fall By 0.4% in April
The price of a typical house fell by 0.4% in April according to the latest figures by the Nationwide.
April's decline leaves the average price of a house at £151,861, down 15% from a year ago.
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: "The chancellor announced several measures aimed at boosting the housing market in his Budget.
"The scheme for government guarantees for new, high-quality residential mortgage backed securities are welcome and may help to boost the amount of mortgage credit available.
"However, since the availability of credit is only part of the reason why the housing market is in the doldrums it is unlikely to lead to a swift turnaround in its fortunes," she commented.
"Lenders have already indicated that the availability of credit is less of an issue than it has been, but at the same time expect that the demand for secured lending will fall further."
Ms Earley also commented that the economy is now in the deepest recession since the Second World War and unemployment is continuing to increase.
She continued: "Even though negative inflation will mean that real earnings will be increasing, it is likely to be some time before this feeds into a strong enough change in sentiment to encourage a full scale revival in the housing market."
(CD/BMcc)
April's decline leaves the average price of a house at £151,861, down 15% from a year ago.
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: "The chancellor announced several measures aimed at boosting the housing market in his Budget.
"The scheme for government guarantees for new, high-quality residential mortgage backed securities are welcome and may help to boost the amount of mortgage credit available.
"However, since the availability of credit is only part of the reason why the housing market is in the doldrums it is unlikely to lead to a swift turnaround in its fortunes," she commented.
"Lenders have already indicated that the availability of credit is less of an issue than it has been, but at the same time expect that the demand for secured lending will fall further."
Ms Earley also commented that the economy is now in the deepest recession since the Second World War and unemployment is continuing to increase.
She continued: "Even though negative inflation will mean that real earnings will be increasing, it is likely to be some time before this feeds into a strong enough change in sentiment to encourage a full scale revival in the housing market."
(CD/BMcc)
Related UK National News Stories
Click here for the latest headlines.
18 May 2012
Generous Parents Hurting Grown-Up Children's Credit Rating
Free credit report service Noddle has warned that parents are inadvertently placing their adult children at a financial disadvantage by taking out credit and paying essential bills on their behalf.
Generous Parents Hurting Grown-Up Children's Credit Rating
Free credit report service Noddle has warned that parents are inadvertently placing their adult children at a financial disadvantage by taking out credit and paying essential bills on their behalf.
01 February 2011
New Rights To Benefit Consumers
Consumers should take advantage of new rights aimed at protecting them and encouraging lenders to act more responsibly, Consumer Minister Edward Davey said today as the EU Consumer Credit Directive came into force.
New Rights To Benefit Consumers
Consumers should take advantage of new rights aimed at protecting them and encouraging lenders to act more responsibly, Consumer Minister Edward Davey said today as the EU Consumer Credit Directive came into force.
29 April 2013
New Universal Credit Welfare Introduced
The UK Government's shake-up of the welfare system begins today with the launch of its new universal credit payment. According to the BBC, the payment will replace a number of benefits and tax credits, including housing benefit and jobseeker's allowance, into one monthly payment.
New Universal Credit Welfare Introduced
The UK Government's shake-up of the welfare system begins today with the launch of its new universal credit payment. According to the BBC, the payment will replace a number of benefits and tax credits, including housing benefit and jobseeker's allowance, into one monthly payment.
02 October 2014
Wonga To Write Off 330,000 Customers' Debts
Payday lender Wonga has written off the debts of 330,000 customers after putting new affordability checks in place. Wonga will be contacting all customers by 10 October to notify them if they will be included in the redress programme. Customers should continue to make payments unless they are told to stop by the firm.
Wonga To Write Off 330,000 Customers' Debts
Payday lender Wonga has written off the debts of 330,000 customers after putting new affordability checks in place. Wonga will be contacting all customers by 10 October to notify them if they will be included in the redress programme. Customers should continue to make payments unless they are told to stop by the firm.
19 May 2005
Consumer Credit Bill re-introduced to Parliament
The Consumer Credit Bill is being re-introduced into Parliament today, the government has announced. The Bill, which completed most of its stages in the last Parliament, aims to create a “fairer, clearer and more comeptitive credit market” by tighting regulations and giving borrowers better protection and improved rights.
Consumer Credit Bill re-introduced to Parliament
The Consumer Credit Bill is being re-introduced into Parliament today, the government has announced. The Bill, which completed most of its stages in the last Parliament, aims to create a “fairer, clearer and more comeptitive credit market” by tighting regulations and giving borrowers better protection and improved rights.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
