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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China raises interest rates, MPC divided.

China has announced its first rise in interest rates for three years. According to the People’s Bank of China, its one-year lending rate goes up from 5.31% to 5.6% and its one-year deposit rate also rises from 2.25% to 2.5%. Why has China done this? In recent years double-digit rates of economic growth have become familiar in the country. In … 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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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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Some positive signs for the economy

There was a 1.1% increase in the average UK house price in July, according to figures just published in the Halifax House Price Index. This was the second rise in the past three months and prices in the three months to July were 0.8% higher than in the previous three months. This means that so far this year house prices … Continue reading

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First rise in house prices since January 2008

House prices rose in June by 0.1% compared to the previous month according to figures released yesterday by the Land Registry. This is the first time that the monthly change has been positive since January 2008.   There have been occasional months recently when both the Halifax and the Nationwide indices have shown an increase in house prices. However, both … Continue reading

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