–Halifax: FLS Contributing To Pickup In Mortgage Availability
LONDON (MNI) – UK house prices rose by one percent in November,
according to the latest House Price Index from Halifax, released today.
The data showed prices still 1.3% down in the three months to
November compared with the same period of 2011.
Halifax said that the Flagship for Lending Scheme, launched by the
Bank of England and UK Treasury at the start of August was contributing
to a pickup in mortgage approvals and would help mortgage access in
2013.
Commenting, Martin Ellis, housing economist, said:
“There has been very little change in house prices overall
during the past year with the average UK price in November almost
identical to that in November 2011. Prices in the three months from
September to November were 0.7% lower than in the preceding three
months.
“Both demand and supply pressures in the market have altered little
during the course of 2012, and this has been the key reason for the
lack of anything other than modest changes in house sales and
prices at a national level compared with a year ago. Challenging
economic conditions have constrained housing demand whilst low
interest rates have helped to support affordability and demand.
“There are signs that the Funding for Lending Scheme (FLS) is
helping to reduce mortgage rates and may be contributing to the
recent pick-up in mortgage approvals. The FLS should help to ease
credit constraints, resulting in some improvement in mortgage
availability in 2013.”
–London newsroom: 44207 862 7492; ukeditorial@marketnews.com
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