More bad news from the UK housing market. From today's Times:
The housing market showed further tentative signs of stabilising today with prices rising by more than 1 per cent during April, government figures showed.
A report from the Department of Communities and Local Government (DCLG) said the average cost of a home in the UK jumped by 1.1 per cent during the month, while the annual rate at which prices are declining eased to 13 per cent, down from 13.6 per cent in March.
The average house prices in the UK is now £189,215.
The DCLG report added to other positive reports on the UK housing market, with figures published yesterday showing that the pace of house price falls slowed in May while home sales picked up.
About 6 per cent of estate agents across the UK said that property values had risen in May, while 42 per cent said that prices fell, according to figures from the Royal Institution of Chartered Surveyors (RICS).
5 comments:
Spring bounce.
If interest rates are on the way up (See A Cook's post beneath) then it seems unlikely that house prices are.
6%! Shock, horror!
Try this in the FT:
Lex: UK housing
We may be treated to the whoops from the property bulls every time property inches upwards for years to come. Best to get used to it and look for the big pciture.
One would expect an upward blip in May - the Spring buying season - but it seems a minor blip. Borrowing costs are artificially low presently, because of the attempts to reflate the economy. But they are once-off, so a downward real prices trend at least is likely to resume for several years - even five or ten. Remember the Haliafax index '93-96' - up this month a point or two, then down again, for month after month after month after...
B. in C.
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