Peter Rollings commenting in response to the latest Halifax house price index
Thu 09 Dec 2010
"The latest statistics point towards to another drop in house prices across the country last month. But the good news is that there havent been anywhere like the monthly declines we saw in 2008, and there is no firm evidence to suggest that the market is on the cusp of a double dip. In fact, given the significant increase in the supply of properties, and the ongoing struggle many first-time buyers face when trying to secure a mortgage, house prices have held up remarkably well in the latter half of 2010. Yet until lenders address the issue of mortgage finance, which is choking off buyer demand in many regions of the UK, we wont see a sustained increase in prices outside of London."The picture remains quite different in the capital. Central London house prices have continued to perform robustly, and in prime areas like Kensington & Chelsea, sale prices are actually beginning to exceed their pre-2008 peaks. The large number of cash buyers and international investors who contribute to Londons market havent been affected by the nationwide mortgage drought, and have boosted the prime market in 2010. And we anticipate this trend will continue. Now more than ever with a weak and uncertain Euro, London is set to remain a hub of economic growth and an attractive location for international homebuyers. In view of this, we anticipate house prices will rise by around 5% next year."
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