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House Prices Lowest In 16 Months

A new survey from the Royal Institution of Chartered Surveyors indicates that House prices in England and Wales experienced their largest fall in September since May 2009.

The RICS house price index dropped to -36 in the three months to September from -32 in the three months to August, a drop that the RICS has blamed on supply pressures as homeowners’ rush to sell before public spending cuts kick in next year. (more…)

House Prices May Dip Again

House Prices May Dip

The housing market may take another dip as potential buyers struggle to get mortgages according to Bank of England policy maker Kate Barker.

The global credit crisis saw house prices in the UK drop by 20% at the lowest point as banks wary of risking new lending withdrew from the market and confidence was dented.

The market has however come back strongly since hitting bottom.

Barker, who has penned reviews of Britain’s housing supply and planning for the government and helps to set the interest rate said she had been surprised by the rebound.

“It seems more likely than not to me that mortgage finance is clearly not going to be available going forward on the terms it used to be,” Barker told MPs. (more…)

House Prices Up 6.1% In The UK

Rising House Prices

House prices in England and Wales are now 6.1% higher than they were a year ago, the largest monthly rise since April 2007 according to a survey by Right Move.

The average property price nationally in February was £229,398 a rise of 3.2% on January.

In London prices were up 5% on the month to a record £427,987, prices are now higher then at the peak of the property boom in 2007 after rising 10.3% over the last year. (more…)

Loans For House Purachases Highest In 2 Years

Loans Rise

Approved House purchase loans rose to a high of 53,300 in October a rise of 9% over September and up 43% from a year ago, said the Council of Mortgage Lenders.

“The amount of buyers has risen from a trough in January 2009 when only 23,000 loans were advanced. It is now up nearly 100 percent from that low point,” the CML stated.

Remortgaging loan numbers remain low but they’re not falling, they’re holding steady at 33,000 the same figure as September. However this is still one of the weakest figures since the records began in 2002.

UK House Prices Are On The Rise

Asking prices for homes in England and Wales rose on an annual basis for the first in more than a year in October, property Web site Rightmove said on Monday, buoyed by a dearth of properties coming onto the market.

October saw the first annual based rise in house prices in England and Wales for more than a year stated property based website Rightmove, this is a result of new properties coming on to the market. (more…)