16:31 PM, 9th May 2011, About 11 years ago
House prices are still slowly going down – but worries about mortgage interest rates and jobs are likely to buoy the market, according to the Halifax.
The lender, one of the UK’s largest mortgage providers and part of the Lloyds TSB banking group, explained a fall in home values by 1.4% in April from March was down to a lack of confidence in the market.
Year-on-year figures show that the average price of a home has dropped from £168,953 in the quarter ending April 2010, to £160,935 for the same quarter this year.
Average house prices still 20% below peak
The Halifax data has shown a slow but steady average house price decline over the past year, except for a brief revival in July and August 2010, when prices crept back to £168,124.
The average house price is 4% above the low recorded in April 2009, but 20% below the peak in August 2007, when the figure hit around £201,000.
In percentage terms, the quarterly fall is 3.7% down from April 2010 and 1.2% down on the quarter ending January 31, 2011.
“Weak confidence amongst households, partly due to uncertainty over the economic outlook, is constraining housing demand and resulting in some downward movement in prices,” said Martin Ellis, Halifax housing economist.
Sales are stabilising
“The latest figures show that the underlying trend in house prices continues to be one of modest decline.”
“There are signs that house sales are stabilising albeit at a level lower than the historical average.”
The Halifax data is based on mortgage approvals by the lender to buy homes.
Home owners wondering just how much their home is worth should consider that the Halifax data is restricted by the sample – which is the bank’s own mortgage customers.
This sample can be affected by the bank’s credit scoring criteria, location of branches and how competitive Halifax mortgage products are in the market place.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Previous ArticleVAT’s the problem for property developers
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|