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House Prices Up 5% across UK
Sibley
Posts: 1,557 Forumite
Great news.
Take that you HPC toads. :beer:
http://www.express.co.uk/news/property/432776/House-prices-up-5-as-boom-goes-nationwide#comments
House prices up 5% as boom goes nationwide
THE recovery in the housing market has finally spread across the whole of the UK.
The figures show encouraging progress for house prices [GETTY]
All regions saw year-on-year price rises this month - the first time this has happened since 2007. In a further sign of economic revival, prices are now rising at their fastest rate for five years, according to the Nationwide building society.
The value of the average property has jumped by five per cent in the past year - equivalent to £8,163 or about £680 a month or £22 a day.
It means the average house is now worth £172,127 - its highest level since 2008. Economist Howard Archer said last night: "The hugely encouraging thing about these figures is that we are starting to see price increases across all areas of the country, not just London and the South-east.
"It's very good news and boosts hopes of an overall improvement in economic activity across all regions.
"We are at a very early stage but the economy is now genuinely looking a lot healthier and there are signs we are seeing a proper recovery after several false dawns."
The price rises reported by Nationwide are largely driven by southern regions of England but all regions recorded growth in the third quarter of the year. Northern Ireland, for example, recorded its first increase in prices since 2007.
Manchester saw a 10 per cent increase in prices and Newcastle-upon-Tyne eight per cent. But the gap between average property values in the North and the South has widened to a new high, topping £100,000 for the first time.
All UK regions saw year-on-year prices rises this month [GETTY]
Experts last night predicted the housing market would have fully recovered from the credit crunch by the end of next year, with prices increasing a further two per cent this year and then by seven per cent in 2014. In London, property prices are already eight per cent above their 2007 peak.
David Newnes, director of LSL Property Services, said: "The credit bottleneck which pent up demand after the financial crisis is finally starting to be cleared, which is why sales, prices and first-time buyer numbers have improved so rapidly.
"It has been like opening a shaken can of cola. You get the initial fizz of activity, then it flattens. What we're seeing is a relatively normal market correction, not a quick transition from a recession to a boom."
Meanwhile, figures from the Land Registry for August yesterday showed the biggest annual house price rise since November 2010, although this was a comparatively modest 1.3 per cent.
Take that you HPC toads. :beer:
http://www.express.co.uk/news/property/432776/House-prices-up-5-as-boom-goes-nationwide#comments
House prices up 5% as boom goes nationwide
THE recovery in the housing market has finally spread across the whole of the UK.
The figures show encouraging progress for house prices [GETTY]All regions saw year-on-year price rises this month - the first time this has happened since 2007. In a further sign of economic revival, prices are now rising at their fastest rate for five years, according to the Nationwide building society.
The value of the average property has jumped by five per cent in the past year - equivalent to £8,163 or about £680 a month or £22 a day.
It means the average house is now worth £172,127 - its highest level since 2008. Economist Howard Archer said last night: "The hugely encouraging thing about these figures is that we are starting to see price increases across all areas of the country, not just London and the South-east.
"It's very good news and boosts hopes of an overall improvement in economic activity across all regions.
"We are at a very early stage but the economy is now genuinely looking a lot healthier and there are signs we are seeing a proper recovery after several false dawns."
The price rises reported by Nationwide are largely driven by southern regions of England but all regions recorded growth in the third quarter of the year. Northern Ireland, for example, recorded its first increase in prices since 2007.
Manchester saw a 10 per cent increase in prices and Newcastle-upon-Tyne eight per cent. But the gap between average property values in the North and the South has widened to a new high, topping £100,000 for the first time.
All UK regions saw year-on-year prices rises this month [GETTY]
The hugely encouraging thing about these figures is that we are starting to see price increases across all areas of the country, not just London and the South-east.
Howard Archer
A house in the South of England is typically 74 per cent more expensive than one in the North. Prices in southern regions have risen by 6.1 per cent year-on-year - almost double the 3.1 per cent rise seen in the North. Although the figures will be warmly welcomed by millions of homeowners, average prices are still 7.5 per cent below the 2007 level.Howard Archer
Experts last night predicted the housing market would have fully recovered from the credit crunch by the end of next year, with prices increasing a further two per cent this year and then by seven per cent in 2014. In London, property prices are already eight per cent above their 2007 peak.
David Newnes, director of LSL Property Services, said: "The credit bottleneck which pent up demand after the financial crisis is finally starting to be cleared, which is why sales, prices and first-time buyer numbers have improved so rapidly.
"It has been like opening a shaken can of cola. You get the initial fizz of activity, then it flattens. What we're seeing is a relatively normal market correction, not a quick transition from a recession to a boom."
Meanwhile, figures from the Land Registry for August yesterday showed the biggest annual house price rise since November 2010, although this was a comparatively modest 1.3 per cent.
We love Sarah O Grady
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Comments
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First time buyers taking on more debt than ever to own small houses.
Rejoice.0 -
Whilst a general trend of rising house prices wouldn't surprise me, I do take this thread with a pinch of salt because Sibley does seem to have a extremely biased view.
I perceive that he basically desires a fat profit (out of practically nothing) and wants a buyer to fund his extravagant upgrade
:www: Progress Report :www:
Offer accepted: £107'000
Deposit: £23'000
Mortgage approved for: £84'000
Exchanged: 2/3/16
:T ... complete on 9/3/16 ... :T0 -
I wondered where Hamish had been.
I even sugested MFW-ASAP could give him a nudge as he is up in Oil Country at the moment.
Funny how he comes up attached to the bottom of Sibley."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »I wondered where Hamish had been.
I even sugested MFW-ASAP could give him a nudge as he is up in Oil Country at the moment.
Funny how he comes up attached to the bottom of Sibley.
And no doubt Prickpants will be along soon to complete the set and join the celebration.0 -
grizzly1911 wrote: ».....Funny how he comes up attached to the bottom of Sibley.
You wouldn't catch me anywhere near the bottom of Sibley.0 -
Loughton_Monkey wrote: »You wouldn't catch me anywhere near the bottom of Sibley.
That's left to his Ladyboy Ting Tong
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