17:37 PM, 7th November 2011, About 10 years ago
Topsy-turvy house prices were up 1.2% in October, but after almost a year of monthly increases and falls they are more or less where they started in October last year.
If any truth has hit home in 2011 it’s that the property market is unpredictable.
In the past 10 months, the market has gone up month-on-month five times, fallen four times and stayed steady for one month.
The price of an average home is now £163,311, according to the Halifax.
Martin Ellis, the lender’s housing expert, said: “The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies.
“The prospect of exceptionally low official interest rates over the foreseeable future is likely to continue to support the market in the face of a very difficult economic climate. Both prices and activity levels are expected to remain close to current levels over the coming few months.”
Meanwhile, estate agents report little change in house sales or the number of unsold properties on their books in the past 12 months.
Most agents report house prices remained stable last month and do not expect any major change in the near future.
RICS housing spokesperson, Ian Perry, said: “It is encouraging that activity levels appear to have edged upwards over the past month. Indeed, chartered surveyors are generally upbeat about the near term prospects for transactions.
“Chaotic events in the euro area threatening to spillover to the UK and banks still imposing tough conditions on loans to first time buyers, any recovery in sales is still likely to be relatively modest. This will inevitably leave many people who would like to own a home unable to access the market.”
Other recent house price surveys by the Nationwide and property portal Hometrack recorded slight falls in property value.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Previous ArticleA Property Dream Comes True
|“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|