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UK house prices fall 10.1 pct yy in April-Hometrack
inspector_monkfish
Posts: 9,276 Forumite
00:01 27Apr09 -UK house prices fall 10.1 pct yy in April-Hometrack
LONDON, April 27 - House prices in England and Wales fell by 10.1 percent in April compared with a year ago, while prices declined at their slowest monthly pace for a year, property data company Hometrack said on Monday.
April's annual fall is a modest improvement from the 10.3 percent decline recorded in March, which was a survey low, and leaves the achievable price of a home at 155,600 pounds, it said.
Hometrack said the slowdown in the monthly rate of decline to 0.3 percent from 0.6 percent in March reflected an increase in optimism from estate agents driven by increased levels of market activity.
However, it said it was too early to call a revival of the housing market, and warned the improvements in April's survey may be seasonal.
Recent housing market data have been mixed: official figures suggest that approvals for home loans have edged up from record lows, but surveys from mortgage lenders Nationwide and Halifax sent opposing signals on house prices last month.
Analysts reckon the housing market will remain under pressure for some time yet as rising unemployment and tough borrowing conditions deter people from entering the property market.
"Only when first-time buyers feel confident to enter the market in significant numbers can we really start to claim any "real" green shoots of recovery," said Hometrack director of research Richard Donnell.
"This suggests to us that the recent pick-up in demand is largely seasonal and unlikely to be sustained over the rest of the year."
Still, the survey did showed improvement in a number of indicators.
The number of sales agreed in April rose by nearly 15 percent after a rise of 18.6 percent in March, while the number of prospective buyers registering with estate agents rose by 6 percent in April after an 8.5 percent rise in March.
"The increase in demand, together with a move to more realistic pricing, has supported a growth in the number of sales," according to the survey.
The average time it took to sell a property fell to 10.4 weeks -- the lowest since June 2008 -- from 11.3 weeks in the March survey.
Sellers achieved 89.6 percent of their asking prices on average, the highest since last September, after 88.8 percent in March.
And house price falls were less widespread than a month ago, with only 30 percent of postcode districts recording a fall in prices, the smallest proportion since March 2008, after 50 percent last month.
LONDON, April 27 - House prices in England and Wales fell by 10.1 percent in April compared with a year ago, while prices declined at their slowest monthly pace for a year, property data company Hometrack said on Monday.
April's annual fall is a modest improvement from the 10.3 percent decline recorded in March, which was a survey low, and leaves the achievable price of a home at 155,600 pounds, it said.
Hometrack said the slowdown in the monthly rate of decline to 0.3 percent from 0.6 percent in March reflected an increase in optimism from estate agents driven by increased levels of market activity.
However, it said it was too early to call a revival of the housing market, and warned the improvements in April's survey may be seasonal.
Recent housing market data have been mixed: official figures suggest that approvals for home loans have edged up from record lows, but surveys from mortgage lenders Nationwide and Halifax sent opposing signals on house prices last month.
Analysts reckon the housing market will remain under pressure for some time yet as rising unemployment and tough borrowing conditions deter people from entering the property market.
"Only when first-time buyers feel confident to enter the market in significant numbers can we really start to claim any "real" green shoots of recovery," said Hometrack director of research Richard Donnell.
"This suggests to us that the recent pick-up in demand is largely seasonal and unlikely to be sustained over the rest of the year."
Still, the survey did showed improvement in a number of indicators.
The number of sales agreed in April rose by nearly 15 percent after a rise of 18.6 percent in March, while the number of prospective buyers registering with estate agents rose by 6 percent in April after an 8.5 percent rise in March.
"The increase in demand, together with a move to more realistic pricing, has supported a growth in the number of sales," according to the survey.
The average time it took to sell a property fell to 10.4 weeks -- the lowest since June 2008 -- from 11.3 weeks in the March survey.
Sellers achieved 89.6 percent of their asking prices on average, the highest since last September, after 88.8 percent in March.
And house price falls were less widespread than a month ago, with only 30 percent of postcode districts recording a fall in prices, the smallest proportion since March 2008, after 50 percent last month.
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Comments
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I think something is going on.
A friend of mine is helping her younger brother buy a flat in Hackney. Everything he has liked so far has gone before he's had a chance to put an offer in. The local agents have said that the FTB end of the market has gone crazy recently although there is still very little movement at the top end.0 -
This is all a "blip" because at this time of year the market generally picks up a bit anyway.
All the people who have their grubby hands on their cut from the property pie will try to talk the market up for obvious reasons.
Just another "false dawn" of many to come.0 -
What! I thought it was negative newsday today
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
House prices were never going to fall 20% a year for years on end. Human nature is people have been waiting for years to buy, if they can now they will. Yes you might get a better deal in three years but that's no good if you want to own a house to bring your children up in or up or downscale for lifestyle reasons.
It's not all about the money - a lot of people buy houses mostly to live in. They will go up and down for a long while yet, till we know what's happening to the economy and unemployment.0 -
whathavewedone wrote: »The local agents have said that the FTB end of the market has gone crazy recently although there is still very little movement at the top end.
I wonder if there is any chance of them saying anything else ?, probably not, even if they were just about to pick up their P45.0 -
The !!!!!!!!e meter for ' houses ' going up again is going to be working at 110% over the coming months as thats the next plan - rehype the amrket via lies.........I wonder if there is any chance of them saying anything else ?, probably not, even if they were just about to pick up their P45.0
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Well in this case Ad it seems they are being honest as all the flats he likes are going as soon as they go on the market for the asking price. I can't speak for anywhere else but first time buyers are falling over themselves to buy in Hackney right now.0
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