–UK Nov House Prices Up 0.2% m/m; Up 5.9% On Year
LONDON (MNI) – UK House Prices saw another month of weak growth in
November, according to Acadametrics, with its data series showing a 7th
consecutive monthly rise.
The Acadametrics survey showed house prices rose 0.2% on the month
versus a 0.1% increase in October.
Prices rose 5.9% on the year, down slightly from a 6% increase in
October.
Although only showing a marginal rise in prices, the Acadametrics
survey is the only survey so far in November to show any monthly housing
price growth at all.
The Halifax survey showed prices fell 0.1% on the month, the
Nationwide survey showed a 0.3% drop and the Hometrack survey showed a
3.2% slip in prices.
The Rightmove survey showed a far larger fall, with that particular
survey showing house prices dropped 3.2%.
The number of transactions in November fell by 4.6%, in the month,
and are down 5.3% compared to last November. This is the second
consecutive month this year in which transactions are lower than 2009
levels
Commenting on the report, David Brown, commercial director of LSL
Property Services, said:
“We have now seen prices creep upwards for seven consecutive months
and this shows that there is strong demand for properties despite the
considerable barriers facing buyers trying to obtain finance.”
“With inflation still 1.2% over target a rate rise in 2011 is on
the cards and there isn’t much chance of lending criteria loosening in
the medium-term. Given that growth is marginal, we may see prices begin
to fall slightly as these factors take hold, although it’s unlikely that
any dip will be dramatic and the year-on-year drop in transactions is
distorted by the end of the stamp-duty holiday in 2009,” he added.
–London newsroom: 4420 7862 7491; email drobinson@marketnews.com
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