| UK
House Prices Situation: General stagnation, some falls
UK
House Prices Forecast: Moderate falls nationwide in 2008
Halifax
Sees No Change in January
The
UK's largest mortgage lender, Halifax, has this week published
its latest House Price Index, providing an overview of
house prices across the UK.
Halifax
found that average prices remained unchanged in January,
resulting in the average annual rate of increase falling
to 4.5%. The report also noted that there were "continuing
signs of weakness in housing market activity", citing
a 35% fall in the number of house purchase mortgage approvals
in the last quarter of 2007 when compared to the last
quarter of 2006.
Despite
these negative signs, Halifax chief economist Martin Ellis
said that the Halifax "expect sound economic fundamentals
and lower interest rates to support house prices.
Nationally, we predict that house prices will be flat
in 2008."
UK
House Prices Have Doubled, At Least, In Last Decade
The
Halifax's annual county house prices report has found
that house prices have doubled - or more - in all 104
of the UK's counties and unitary authorities over the
last ten years.
The
survey found that in 40% of counties, house prices
have risen by three times or more, with the fastest growing
county of all being County Armagh, in Northern Ireland.
Surrey
was found to be the UK's most expensive county with an
average house price of £364,115,
while Blaenau Gwent, in Wales, is Britain's most affordable
county, with an average house price of just £113,964
- up 211% from its £36,658 average of 10 years ago.
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