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02 April 2014 by Gary

STATISTICS, STATISTICS...WHERE NEXT FOR THE HOUSING MARKET?

STATISTICS, STATISTICS...WHERE NEXT FOR THE HOUSING MARKET?

Back in July 2013, the Halifax latest house price index showed that over the last quarter house prices were up 3.7% year on year, the biggest increase since 2010.

Today, the Nationwide reported that house price growth is showing ‘’tentative signs of moderation’’. Nationwide state that house prices in March showed a 0.4% increase compared with 0.7% for the previous month. The average value of a home is now £180,264 still 3% less than the 2007 peak. The Nationwide announcement highlights the discrepancy between North and South. Values in the capital are more than double those in the rest of the UK. This diversity is backed up by a recent Land Registry report detailing a two paced housing market, values showing a 13.8% increase in London and a 1.3% fall in North East England.

Please read more by linking to BBC news here

Many have applauded the ‘Help To Buy’scheme, a government initiative that has been attributed with getting the housing market going again, promoting construction, including a reported 16% leap in new housing projects over the last year. It has now been extended and in the aftermath of the budget, house builder shares rose as a result. The scheme has its critics however (including Vince Cable) who blame this intervention for house price inflation. It has been described as ‘mistaken’ and ‘dysfunctional’ by some.

So what about the future and the crystal ball?

In their market report, Savills predict house price rises over the next 5 years. They illustrate a significant difference between regions – the North East is predicted to show a 17.6% increase and the South East a 31.9% increase.

To read the Savills report click here…

Where is the housing market going? What Are The Priorities? What Do You Think?

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