|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Friday 30th of July 2010
|    Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Property News feed Property News

All Financial News feed All Financial News

April 29, 2010    

House prices up 10.5% on the year

Bookmark and Share

by Gill Montia
”House

House prices increased by 1% month-on-month in April, according to Nationwide’s latest house price index.

The annual rate of inflation moved into double digits for the first time since June 2007, to 10.5% (up from 9% in March), taking the value of the average home to £167,802 or 10% below its October 2007 peak.

However, the smoother three-month-on-three-month rate of change edged down further from 1.5% in March to 1.1% in April, primarily reflecting the impact of February’s 1% decline in house prices.

The building society’s chief economist, Martin Gahbauer, points out that this month’s figures received an additional boost from the fact that April 2009 was one of the weaker months of last year.

He also mentions that, given the very strong performance of house prices from May 2009 onwards, it will take monthly increases of over 1% for the annual rate of inflation to remain in double digits going forward.

According to Mr Gahbauer, an important driver of rising house prices has been the low level of stock for sale and on this point both the Royal Institution of Chartered Surveyors and housing intelligence firm, Hometrack, have reported a recent shift in the balance of supply and demand.

Research from Hometrack shows the number of new buyers registering with agents rising by 1% in April, the smallest increase so far this year, while growth in new instructions stood at 3.7%.

Discuss this in the Finance Markets forums

Story link: House prices up 10.5% on the year




Related financial stories to: House prices up 10.5% on the year:
Previous: « RBS to amend bonus scheme amid shareholder protest
Next: »

Visited 773 times, 1 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: , , , increased, , rising