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Category Archives: Housing

Homeowners paying off mortgages at record rate

In 2010, homeowners paid back over £24bn of their mortgage borrowings, which was the highest amount since records began in 1970. Detailed figures from the Bank of England also showed that £7bn was repaid in the final quarter of 2010, compared to £6.6bn in the third quarter. This means that mortgage repayments have exceeded borrowings for eleven consecutive quarters. This … Continue reading

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House building crumbles

Only 102,570 new homes were completed in 2010, which was 13% down on the previous year, and the lowest level during peacetime since 1923. And, this is at a time when the country is experiencing a severe housing shortage. Projections for the number of new houses needed show that no less than 232,000 new homes need to be built in … Continue reading

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House prices are now 18% below their pre-recession peak

House prices fell 1.3% between November and December 2010 according to the Halifax. This meant a further fall of about £2,000 in the average price of a house, which now stands at £163,435. Overall, there was a fall in prices of 1.6% over 2010 as a whole, and house prices are now about 18% below their peak in the third … Continue reading

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Anybody want to buy a house?

House prices fell by 3.6% between August and September according to the Halifax house price index. This was the biggest monthly fall since these figures were first compiled in 1983. So now is the time to rush out and buy a house. Low interest rates mean that typical mortgage payments for a new borrower have fallen from a peak of … Continue reading

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House prices still rising in an uncertain market

House prices rose by 0.5% in May according to the latest survey from the Nationwide Building Society. This pushes up the average price of a home in the UK to £169,162 which is an increase of £15,000 on the same month last year. This means that prices have now risen in 12 of the last 13 months. According to Martin … Continue reading

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Household wealth rises five-fold over the past 50 years

Household wealth in the UK has risen from £1.251 trillion in 1959 (measured in today’s prices) to £6.316 trillion by the end of last year. This represents a five-fold increase in household wealth according to new research by the Halifax. This gives an average value of wealth per household of £236,998 which is up from £72,719 in 1959. This rise … Continue reading

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House prices fell in February

House prices fell by 1.5% in February, the first fall since June 2009, according to the Halifax. This gave an average house price of £166,857, which was 8% higher than the trough that was reached in April 2009. Commenting on the figures, Martin Ellis, Halifax housing economist said: “An increase in the number of properties available for sale has helped … Continue reading

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House prices rose by 5.9% last year

I would like to take this occasion to wish all our readers a Happy and Prosperous New Year.   But the first question to be addressed in 2010 is whether the housing market is going to be happy and prosperous. According to the Nationwide building society, house prices continued to grow for the eighth continuous month in December, rising by … Continue reading

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First annual rise in house prices since March 2008

According to the Nationwide, house prices were 2.0% higher in October 2009 than they were a year earlier, to give an average house price of £162,038. This was the first annual rise in house prices for nineteen months.   Whilst this is promising news for the housing market at first glance, the figures behind the headline are not all good. … Continue reading

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House prices reach same level as September 2008

The price of a typical house in September 2009 rose by 0.9% to reach £161,816. This was essentially the same level as a year earlier, according to the latest house price survey by Nationwide.  Over the first nine months of 2009, the seasonally adjusted index of house prices has risen by 4.1%, though relative to the October 2007 peak it … Continue reading

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