News Archive:


13/06/2017 - Live by the beach... in London! 13 Jun 2017
08/06/2017 - Election causing buyers and sellers to "wait and see" 08 Jun 2017
06/06/2017 - More lenders target small-deposit buyers, just as house prices slide 06 Jun 2017
02/06/2017 - House prices show longest sustained fall since 2009 crash 02 Jun 2017
01/06/2017 - Apps for surveyors: 2017 edition 01 Jun 2017
22/05/2017 - Conservatives plan to bring back Home Information Packs 22 May 2017
15/05/2017 - Revealed, the least affordable places in Britain to buy a property: 15 May 2017
08/05/2017 - House price growth stagnates in the UK, latest index shows 08 May 2017
06/04/2017 - Dramatic scene after house collapses in affluent street in Kingston 05 Apr 2017
28/03/2017 - Borrowers urged to fix their mortgage fast as rising inflation could soon spell the end of super low interest rates 28 Mar 2017
22/03/2017 - House prices see 1.3% monthly surge 22 Mar 2017
09/03/2017 - UK property market growth continues to rise modestly apart from in London 09 Mar 2017
24/02/2017 - House prices go potty! 24 Feb 2017
09/02/2017 - How the Government's Housing White Paper plans will affect you 09 Feb 2017
08/02/2017 - How to flood proof your home: We visit 'Resilient House' with latest defences to help protect against expensive water damage 08 Feb 2017
30/01/2017 - Homeowners taking advantage of cheap remortgage deals 30 Jan 2017
25/01/2017 - Analysis: Stamp duty is killing the housing market and harming the economy 25 Jan 2017
11/01/2017 - Mapped: Which London neighbourhoods have seen the biggest house prices rise since the crash? 11 Jan 2017
09/01/2017 - January sees largest fall in BTL products since 2009 09 Jan 2017
04/01/2017 - 'Thousands' of Starter Homes to be built in 2017 04 Jan 2017

News.

02/06/2017 - House prices show longest sustained fall since 2009 crash
For sale signs 
Prices have fallen for three months in a row, Nationwide data shows
House prices fell for a third month in a row in May, registering the biggest sustained decline since the post-crisis slump of 2009.

The data, from Nationwide Building Society, saw prices across the country dropping by 0.2 percent month-on-month in May. This followed falls of 0.2pc and 0.3pc in April and March respectively.

House prices are still a narrow 2.1pc higher than at this time last year, but this figure is the smallest measure of growth in four years.

Nationwide said the data "provides further evidence that the housing market is losing momentum".

The lender's economist Robert Gardner said "Moreover, this may be indicative of a wider slowdown in the household sector, though data continues to send mixed signals in this regard."

It attributed the weakening in the market to uncertainty around Brexit and the election as well as a rise in living costs and an affordability squeeze caused by historically high prices relatives to incomes.

But "subdued" building would limit supply to the market and could provide support, Mr Gardner said. He cited high levels of employment as further support.

“While real incomes are again coming under pressure as inflation has overtaken wage growth, the number of people in work has continued to rise at a healthy pace. Indeed, the unemployment rate fell to a 42-year low in the three months to March.

The election was not likely to be a major factor in the market, he said.

“If history is any guide, the slowdown is unlikely to be linked to election-related uncertainty. Housing market trends have not traditionally been impacted around the time of general elections. Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home.

House prices stabilised in recent years after prolonged monthly declines in the 2008-2009 post-financial crisis years. The majority of monthly changes in the past three years have shown growth (see graph, below).

 

Russell Quirk of online agency eMoov said: "Nationwide havs been quick to highlight that previous elections have had little impact on traditional house price trends.

"It’s fair to say, however, that previous years were more routine than a snap election called in the middle of negotiations to leave the EU.

"House prices, along with the gap when compared to earnings, have continued to increase and such a pattern is unsustainable in the long term."

Use regions/landmarks to skip ahead to chart.

Average house price: a 50-year journey

Long description.

No description available.

Structure.

Chart type: line chart.
line with 201 data points.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying £.

Latest official house price data, which is based on Land Registry prices and so tends to lag data from lenders such as Nationwide, shows a widening split in the price performance across different regions of Britain.

 Source: www.dailymail.co.uk 02/06/2017