Peter Rollings commenting in response to Halifax Price Index
Friday, 04 March 2011
"Halifax’s figures paint a gloomy portrait of the housing market in February – but they must be taken with a pinch of salt. Halifax’s lending has become so restricted that it’s no surprise that their index has become so volatile. The steep decrease is likely to be more to do with the unexpectedly high 0.8% increase they reported last month than from any sudden drop off in the UK housing market. The real barometer of the health of the housing market is activity. In London, this has done anything but fall away, and intense competition for the limited supply of property is once again triggering bidding wars. With bonus season starting to take hold, and the ongoing concerns over the unrest in North Africa and the Middle East, even stronger numbers of cash investors are entering the market, driving demand. 58% of our buyers in central London are cash buyers, unaffected by the nation’s ongoing mortgage famine, and this is set to grow further in the short-term as investors look to move before the Stamp Duty hike in April."
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