Halifax housing market survey shows slowdown
www.moneynews.co.uk > Housing market > Halifax housing market survey shows slowdown
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Money News |
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Halifax housing market survey shows slowdown
Thu 3rd Feb 2005
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The country's largest mortgage lender revealed today that house prices rose modestly in January, but are only 1.4 per cent higher than six months ago.
"The housing market continues to slow with the annual rate of house price inflation easing further in January," said Martin Ellis, Halifax chief economist.
In January average house prices rose 0.8 per cent to stand at £163,748. This meant annual house price inflation fell to 13.7 per cent, its lowest level since December 2001.
"The reduction in house price growth and activity since mid 2004 has been a result of the increasing affordability difficulties facing first-time buyers and the rise in interest rates since late 2003, which have curbed housing demand," Mr Ellis explained.
In July 2004 house prices were 22.1 per cent higher than a year before, but even as this happened the Bank of England was steadily increasing interest rates and in turn the cost of mortgages.
Interest rates rose five times in quick succession to a three-year high of 4.75 per cent in August last year. Since then the property market has slowed and the Bank of England has held rates at their current level.
But the market remains a long way from a crash, and data this week from Lloyds TSB, assertahome.com and propertyfinder.com have shown that confidence in house prices and interest rates is creeping back.
Halifax adds that following on from December's 1.1 per cent rise in house prices, the figure for January is positive.
"The ongoing strength of the UK economy and the labour market remain solid foundations for the housing market, ensuring that it remains in good health. The second successive monthly rise in house prices in January suggests that the market is undergoing a measured slowdown," Mr Ellis said.
Related News : Housing market |
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Related News : Halifax |
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