Peter Rollings commenting in response to statistics released by Nationwide
Thu 02 Dec 2010
"Nationwides statistics paint a gloomy picture for the UKs housing market when contrasted to the sharp gains in prices we saw earlier in the year. But there is scant evidence that we will see a 'double dip'. While annual house price growth is slowing, in part suppressed by the increased stock available on the market, it is still positive. Nationally, the key issue remains mortgage finance. The freeze in lending is still keeping thousands of first-time buyers out in the cold, and this must be addressed to re-ignite the recovery in most parts of the UK. But London continues to outperform the rest of the country, and should be seen as a separate market in its own right. The resurgence of the prime market, and the buoyant demand from both overseas and UK cash-buyers unaffected by adverse mortgage conditions - has meant that activity and house price growth has remained robust in the capital. And with the City continuing to recover, and bonus season on the way, we anticipate that the sale price of London properties will remain strong in coming months - as many City workers take advantage of the increased choice of properties due to come on the market in the New Year."
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