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02/06/2005
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. In comparison the year-on-year growth in UK house prices was 19.5% in the twelve months to May 2004.
Commenting on the figures, Nationwide's Group Economist Fionnuala Earley said: “House prices in May increased by 0.3%. This continues the trend witnessed since the start of the year and is consistent with Nationwide’s view that the market is cooling gradually. The annual rate of house price inflation fell back to 5.5% in May from 7% in the previous month. This is the lowest annual rate of house price inflation since August 1996. Prices increased by an average of 0.2% per month in the last three months – a very different picture to this time last year when the average increase was 1.7%."
Nationwide said that the price of a typical property increased by £8,252 in the 12 months to May to stand at £157,272.
Ms Earley added: “The biggest change in sentiment during the month centres on interest rates. From the earlier expectation that the MPC would increase rates in response to underlying inflationary pressures, the consensus is now that rates have peaked.
"Another month of dismal retail sales data led to worries that the consumer, who has for so long supported the economy, is now retrenching and that this could lead to a sharper drop in economic activity than previously expected. The Bank of England adjusted its forecast for economic growth down, but the underlying economic background remains generally favourable and all of the major housing market drivers remain firm.
“The decision to leave interest rates on hold is clearly good news for the housing market where deteriorating affordability has held first time buyers back and there are worries about higher sensitivity to interest rates due to higher levels of household debt."
(SP)
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. In comparison the year-on-year growth in UK house prices was 19.5% in the twelve months to May 2004.
Commenting on the figures, Nationwide's Group Economist Fionnuala Earley said: “House prices in May increased by 0.3%. This continues the trend witnessed since the start of the year and is consistent with Nationwide’s view that the market is cooling gradually. The annual rate of house price inflation fell back to 5.5% in May from 7% in the previous month. This is the lowest annual rate of house price inflation since August 1996. Prices increased by an average of 0.2% per month in the last three months – a very different picture to this time last year when the average increase was 1.7%."
Nationwide said that the price of a typical property increased by £8,252 in the 12 months to May to stand at £157,272.
Ms Earley added: “The biggest change in sentiment during the month centres on interest rates. From the earlier expectation that the MPC would increase rates in response to underlying inflationary pressures, the consensus is now that rates have peaked.
"Another month of dismal retail sales data led to worries that the consumer, who has for so long supported the economy, is now retrenching and that this could lead to a sharper drop in economic activity than previously expected. The Bank of England adjusted its forecast for economic growth down, but the underlying economic background remains generally favourable and all of the major housing market drivers remain firm.
“The decision to leave interest rates on hold is clearly good news for the housing market where deteriorating affordability has held first time buyers back and there are worries about higher sensitivity to interest rates due to higher levels of household debt."
(SP)
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16 January 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.
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.
13 August 2007
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
31 January 2006
Strong house price rises in January
The UK housing market made a strong start this year, with prices rising by 1.4% - the biggest monthly increase in 18 months - the Nationwide reported. The increase took the annual rate of price growth to 4.4% and put the average price of a UK home at £158,478.
Strong house price rises in January
The UK housing market made a strong start this year, with prices rising by 1.4% - the biggest monthly increase in 18 months - the Nationwide reported. The increase took the annual rate of price growth to 4.4% and put the average price of a UK home at £158,478.
30 April 2003
UK house prices stagnate
The latest house price survey has revealed that UK property prices were unchanged in April. The Nationwide building society’s latest figures put the average house price at just under £122,800, a clear sign that house price inflation has dipped dramatically.
UK house prices stagnate
The latest house price survey has revealed that UK property prices were unchanged in April. The Nationwide building society’s latest figures put the average house price at just under £122,800, a clear sign that house price inflation has dipped dramatically.
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.
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