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House prices recover from September slump
22 November, 2007
The five major UK house price indices show an average of 9.7 per cent annualised growth for the twelve months prior to October 2007. This shows a 0.2 per cent decrease in the rate of growth from the previous month and a 0.8 per cent increase since October 2006.
Growth steady at 9.7 per cent…
A correction in data from Rightmove in October, as the industry settled down following the introduction of HIPs, has seen annualised average house price growth stabilise at 9.7 per cent. This shows a decrease of just 0.2 per cent on September, when Rightmove recorded an exceptional drop in growth as the introduction of Home Information Pakcs (HIPs) continued to distort the market.
As expected, Halifax and FT continued to record falls in annualised growth due to the strong monthly gains during autumn 2006. Assetz predicted that this would be the case and expects annual growth to level out at around 8 - 9 per cent.
The Bank of England misses another opportunity…
The Bank’s Monetary Policy Committee (MPC) by-passed another opportunity to offer some reprieve to homeowners by opting to maintain rates at 5.75 per cent for a fourth consecutive month in early November.
The possibility of future pressure upwards on inflation took precedence over the clear and present danger currently facing the UK economy from the continuing effects of the credit crunch.
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Now is the time for buy-to-let…
A growing number of potential first-time buyers are reported to be staying in rented accommodation, awaiting their opportunity to buy amidst the current uncertainty in the market.
As a result, demand for rental property is strong and the Royal Institution of Chartered Surveyors (RICS) has recently predicted that rental incomes will continue to grow strongly over the coming months (particularly for apartments), as the balance between supply and demand is altered and demand for rental property outstrips supply.
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This trend appears to refute claims that there is an oversupply of apartments in the UK, as it would be impossible to predict such strong rental growth if this was the case.
Average UK house price rises…
The average house price in October 2007, taken from the average price provided by all five major indices is £214,795, up from £212,988 in September.
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This shows an increase of £1,807 in the value of the average property in the last month and an increase of £18,657 in the twelve months from October 2006, when the average price of a home was £196,138.
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