£3,500 extra to buy a house, says Halifax
www.moneynews.co.uk > Housing market > £3,500 extra to buy a house, says Halifax
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£3,500 extra to buy a house, says Halifax
Thu 7th Dec 2006
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The latest Halifax house price index has discovered that the average property price in the UK is currently £187,995, a total that is around £17,000 more expensive than in January.
Reasons for the increase have been cited as a lack of property on the market as well as a shortage of family homes being built to accommodate rising demand, according to the UK's largest mortgage lender.
Martin Ellis, chief economist at Halifax, explained: "The marked slowing in real average earnings growth over the past six months and a squeeze on households' discretionary income due to the substantial increase in utility bills during the last year, should temper housing demand. As a result, we expect house price inflation to ease over the coming months."
Allied to this, Halifax predicts that the present Bank of England base rate of five per cent - the highest level for five years - will begin to have an effect on property demand next year, resulting in a cooling of the housing market.
The Bank of England today kept the base rate at five per cent, as many experts had predicted.
Related News : Housing market |
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Related News : Halifax |
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