House price turnaround "surprisingly strong"
www.moneynews.co.uk > General finance > House price turnaround "surprisingly strong"
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House price turnaround "surprisingly strong"
Fri 2nd Oct 2009
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Brigid O'Leary, senior economist at the Royal Institution of Chartered Surveyors, made her comments after the figures, which showed that the average price of a property in the UK stood at £160,159 in the third quarter, were released.
Noting that the quarterly change now stands at 3.8 per cent, which is the highest since August 2004, she said: "Just as house prices fell very quickly at the start of the downturn, the recent turnaround has been surprisingly strong."
Ms O'Leary also noted that the regional breakdown of the index showed that house prices rose in every region of the UK between the second and third quarters of 2009, something she stated is significant when looking at the overall state of the economic landscape.
Concluding, the sector commentator said that high unemployment is likely to weigh on the outlook for house prices over the coming 12 to 18 months.
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