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UK House Prices Forecasts and Predictions for Home and Property in the UK at 10th December 2006
| UK House Prices Situation: Up 1.4% in November UK House Prices Forecast: Continued restricted growth for next 3-6 months House Price Inflation Reaches 21-Month High Annual house price inflation soared to a new high of 9.6% in November, the highest level for nearly two years. Across Britain, the average house increased in value by 1.4%, or £41 per day, in November, according to a report from the Nationwide building society. Nationwide economist Fionnuala Earley said that "Looking forward, current housing market indicators are firm and do nothing to dent the prospect of further rises in house prices in the very short term." Earley went on to add that a fall in buyer enquiries in September had suggested the market might be cooling, but that demand had recovered since then. Nationwide believes that affordability will dictate future market behaviour, and that prospects for further significant medium term increases in house prices are limited. Mortgage Borrowing Rises In October Mortgage approvals rose to a three-year high in October, defying analysts' expectations of a modest fall in approvals. A proportion of these approvals represent existing homeowners remortgaging before November's widely-anticipated rise in interest rates, but the statistics nevertheless suggest continued confidence amongst home buyers. Leading Think Tank Denies Crash Predictions A leading economic think tank, the Centre for Economic and Business Research (CEBR) has published a report rebutting claims by economist David Miles that a significant fall in house prices is highly likely. The CEBR believes that the combination of a fundamental shortage of housing stock, particularly in the south-east, and a growing number of single-occupancy homes will prevent the bottom falling out of the market. A relatively low interest rate also means that borrowing is still fairly affordable as a proportion of income. A growing number of other analysts agree that a housing crash is unlikely unless prompted by more general economic problems, such as high unemployment or recession. |
Latest UK House Prices Forecasts and Predictions
House Prices Forecasts and Predictions to 10/10/2006
House Prices Forecasts and Predictions to 27/10/2006
House Prices Forecasts and Predictions to 3/11/2006
House Prices Forecasts and Predictions to 7/11/2006
House Prices Forecasts and Predictions to 22/11/2006
House Prices Forecasts and Predictions to 27/11/2006
House Prices Forecasts and Predictions to 3/12/2006
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