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Property sales news – UK house prices rising

01st December 2011

Nationwide stated the average home rose in value by 0.4% in November to £165,798.
This was a 1.6% year-on-year increase.

Meanwhile, the number of mortgages approved for house purchase, but not yet completed, has risen slightly to its highest level for nearly two years.

The Bank of England said there were 52,743 approvals in October, up from 51,193 the previous month and the highest monthly total since December 2009. But Howard Archer at IHS Global Insight said, “A pick up in mortgage approvals in October and firmer house prices in November is highly unlikely to herald a significant, sustainable upturn in the housing market’s fortunes given largely unfavourable economic fundamentals.”

The Nationwide house price figures differ with those from the Land Registry published on Monday which showed that prices in England and Wales had slipped slightly in the past year.

The Nationwide predicted that prices would stay the same or fall in the next 12 months.

Robert Gardner, chief economist for Nationwide, said “With the UK economic recovery expected to remain sluggish well into 2012, house price growth is likely to remain soft, with prices moving sideways or drifting modestly lower over the next 12 months.”

For more information on residential conveyancing from George Ide’s’ property solicitors in Chichester and Bognor Regis, please click here.


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