Archived UK House Prices Forecasts and Predictions from Mortgagesorter UK at 28 Dec 2007

House Price Forecasts and Predictions in the UK at 28 12 2007

UK House Prices Situation: Falling steadily in most areas

UK House Prices Forecast: Zero growth or falls nationwide in 2008

Rightmove Figures Bad News for Sellers

Leading property website Rightmove this week published its latest House Price Index, which is based on the asking prices of property for sale through its website. Around 90% of property for sale in England and Wales is advertised through Rightmove - giving them a comprehensive view of the market.

Rightmove reported an average 3.2% fall in asking prices across England and Wales - up from a 0.7% fall in October. This latest monthly fall reduced the average increase in prices for the last year to just 4.8% - only slightly above inflation and a marked reduction on last year's gains.

Some regions faired better than others, with one area of England even managing to record an increase in average prices. Here's how the regions stacked up, from best to worst:

• West Midlands: +1.7%
• East Midlands: -0.5%
• Yorkshire & Humberside: -1.3%
• North West: -2.3%
• Wales: -2.5%
• South West: -2.6%
• North: -2.9%
• East Anglia: -3.4%
• South East: -3.8%
• Greater London: -6.8%

Rightmove believe that the extension of the HIPs scheme to all properties from the 14th December played a significant role in the depressed prices seen last month, aggravating the effects of "tough market conditions". Previously HIPs were only required for properties with 3 or more bedrooms.

In the first week of December, Rightmove saw a 10% rise in the number of properties with 2 or fewer bedrooms being placed on the market - just before the HIPs requirement was introduced for these properties. Rightmove estimate that the 'HIP effect' has added 1.1% to the monthly fall that would otherwise have been seen.

Mortgage Lending Down Again

In a further sign of slowing activity in the housing market, the Council of Mortgage Lenders (CML) reported that mortgage lending was down 8% in November from October and was lower than the same period last year.

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