House prices see dip, but confidence remains high
Fri 29 Nov 2013
Despite the slight fall in house prices throughout October, experts remain confident that the market is in good
shape moving forward.
House prices saw a slight fall throughout the month of October, a new study has discovered, but experts remain
confident as the property sector has continued to perform well throughout the past year.
Prices fell, according to the latest data released by the Land Registry, by some 0.2 per cent when compared to
However, given that prices were at a peak in September, and the fact that autumn traditionally brings about a
slowing in both demand and prices, most are not worried about the prospects of the market moving forward.
In the past year, the price of British homes has gone up by some 3.1 per cent, taking the average price of
properties in the country to 165,515, and Peter Rollings, chief executive officer of Marsh & Parsons, said this is
an encouraging sign. "Compared to the difficult lending conditions a year ago, the property market today is
almost unrecognisable. Record low interest rates have sent ripples of fluidity throughout the market and
unleashed a barrage of first-time buyers," he said. Mr Rollings added that this had helped to push significant price
rises throughout the past year, reaffirming the belief that the slight dip in October holds little worry for the property
market as a whole.
Price rises have been driven by a 15 per cent year-on-year increase in the number of property sales completed
across the nation.
Another positive recorded in October is the fact that there are now far fewer repossessions taking place across
the country, an indicator that the finances of buyers in general are improving.
The Land Registry said that there has been a fall of 29 per cent in the number of repossessions in the past year.
The south-east was the region which saw the biggest drop in these, where the volume of repossessions fell in the
12-month period by as much as 41 per cent. "Repossessions decreased in the south-east, which might be
indicative that, with current low interest rates, people can continue to afford to stay in their properties," concluded
Nicholas Ayre, managing director of home buying agency Home Fusion.