Uk Housing Market Remains Static
The latest Nationwide survey reports that house prices are 1.2% lower than in November 2011 and that the average house is now worth 164,000.
Robert Gardner, Economist for the Nationwide stated: "UK house prices were unchanged over the month in November, after taking account of normal seasonal factors, Moreover, annual price growth has remained in a narrow band between +1.5% and -1.5% on all but two occasions over the past two years. The UK labour market has performed much better than expected since the onset of the financial crisis, and this in turn has provided significant support to the housing market. The resilience of employment together with the ultra low level of interest rates has been instrumental in preventing a glut of unsold homes from building up on the market and exerting sustained downward pressure on house prices."
Nevertheless, for those who do not have a large deposit to put down, problems remain. Jonathan Harris, from Anderson Harris, states: "Those with far more modest deposits are crying out for better rates. The deposit is the biggest single barrier to home ownership, with first-time buyers having to delay getting onto the housing ladder until they are well into their 30s if they can't call upon the bank of mum and dad to help. However, we do expect the FLS to filter through to those with more modest deposits next year which will give the housing market a much-needed kickstart."
Moreover, Land Registry statistic highlight a regional divide in terms of house price movements. Indeed, in London, house price actually rose by 7% in October 2012, compared with October 2011. In contrast, prices fell by 5.8% in the North East during the same period. The East of England and Wales, however, registered small increases. Nevertheless, the Office for National Statistics found that in the year to September 2012, house prices fell inNorthern Ireland by an incredible 10.1%
Figures recently released by the British Bankers' Association (BBA) did however show that the number of mortgage approvals had increased overall. Furthermore, Ian Parry on behalf of the Royal Institution of Chartered Surveyors (Rics), recently stated: "The number of potential buyers going out and viewing property saw a welcome boostThat being said, overall activity is still very low in most parts of the country and what the market desperately needs is for this to translate into actual sales."
by: Richard Antrobus
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