Nationwide reports October house price rise
www.moneynews.co.uk > Housing market > Nationwide reports October house price rise
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Money News |
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Nationwide reports October house price rise
Mon 2nd Nov 2009
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The rise indicates a slowing down in the market compared to the 0.9 per cent increase in September and 1.4 per cent in both July and August.
The average property value of £162,038 is two per cent higher than a year ago and the first positive rate of change since March 2008.
The Royal Institution for Chartered Surveys welcomed the news but warned that the end of the stamp duty holiday on properties of £175,000 or less could have a negative impact, especially on first-time buyers.
Nationwide's chief economist Martin Gahbauer said that stabilised customer house price expectations have driven more sales as purchases are brought forward. The low GDP figures for this year may have a two-fold effect with ongoing unemployment and reduced wages hindering new buyers.
However he stated it is likely to mean that the present interest rate will continue and "mortgage affordability will remain relatively favourable for both new and existing borrowers".
Click here for more housing market news
Related News : Housing market |
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Related News : Nationwide |
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