Nationwide housing market report 'shows little progress'
www.moneynews.co.uk > Housing market > Nationwide housing market report 'shows little progress'
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Nationwide housing market report 'shows little progress'
Fri 30th Jul 2010
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This is the view of the firm's chief economist Martin Gahbauer, who highlighted how the number of properties being bought and sold is still at only about half the quantity that the sector was seeing before the financial crisis.
The Nationwide housing market report monthly index dropped 0.5 per cent between June and July of this year, with the average house price standing at £169,347.
"A combination of restrictive credit conditions and uncertainty about the future economic outlook continues to limit the pool of buyers to those with relatively large financial resources," said Mr Gahbauer.
However, he pointed out that there are favourable factors in the market currently, with interest rates at record lows and the majority of first-time buyers not having to pay stamp duty.
Earlier this month, the firm noted that people are paying up to a £20,000 premium to purchase a property within 500 metres of a tube or train station in Greater London.
Click here for more housing market news
Related News : Housing market |
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Related News : Nationwide |
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