| Halifax Market Report |
05-Aug 10 @ 09.40 AM |
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House prices increased by 0.6% in July according to the Halifax July House Price Index. This modest rise offset the 0.6% fall in June.
House prices in July were 4.9% higher on an annual basis as measured by the average for the latest three months against the same period a year earlier. This was below the 6.3% increase in June and compares with a recent high of 6.9% in May.
Prices in July were marginally (0.8%) lower than at the end of 2009 but are 8.3% above their April 2009 trough. The average house price is now £167,425; 16% below its August 2007 peak.
Housing market activity remains broadly stable. Bank of England industry-wide figures show that the number of mortgages approved to finance house purchase in the three months to June – a leading indicator of completed house sales – were modestly (2%) higher than in the previous quarter, on a seasonally adjusted basis. Activity remains significantly lower than a few years ago with approvals 56% lower in 2010 Quarter 2 compared with 2007 Quarter 2.
Commenting, Martin Ellis, housing economist, said:
"House prices increased by 0.6% in July, reversing the fall in June. Overall, there has been little change in prices during 2010 so far. The mixed pattern of monthly rises and falls over the first seven months of the year is consistent with a slowing market. It is also in line with our view that house prices will be broadly unchanged over 2010 as a whole.
The increase in the number of properties for sale over the past few months, boosted by the recent abolition of HIPs, has relieved much of the pressure that was driving up prices in 2009. Low interest rates and a recovering economy, however, are underpinning demand and continue to support the market."
Stuart Law, Chief Executive of Assetz, on the Halifax House Price Index (July):
“The latest Halifax data shows the UK housing market is back on track following a dip in June as buyers and sellers took stock post-Budget.
“Similarly, the latest Assetz House Price Watch, an amalgamation of the five major UK indices – CLG, Nationwide, Halifax, Acadametrics and Rightmove - reveals strong annual house price growth of 7.2%, with house prices now just 6.8% below their October 2007 peak, rubbishing suggestions that the market is guaranteed to falter in the second half of this year.
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| House Prices Rise |
02-Aug 10 @ 10.44 AM |
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House prices rose slightly between May and June, according to the latest Land Registry figures.
They have edged up 0.1% since May - taking the average house price in England and Wales to £166,072.
June data from Land Registry's House Price Index shows an annual price increase of 8.4%.
This is the eighth month in a row in which the annual figure has been positive.
House prices are now around the same levels as they were in the summer of 2006.
All regions in England and Wales experienced increases in their average property values over the last 12 months.
The region with the highest annual price change is London with an increase of 12.2%.
The region with the smallest annual price rise is the North East with a movement of 0.7%.
Wales experienced the greatest monthly rise with a movement of 2.9%. The North East region experienced the most significant monthly price fall with a movement of -1.3%.
The most up-to-date figures available show that during April 2010, the number of completed house sales in England and Wales rose by 26% to 49,323 from 39,280 in April 2009.
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