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UK House Prices Forecasts and Predictions for Home and Property in the UK at 9th February 2007
| UK House Prices Situation: Strong UK House Prices Forecast: Firm but less buoyant than 2006 New Figures Show Drop In Mortgage Approvals New figures released by the Bank of England reveal that mortgage approvals, considered a good predictor of housing market activity, dropped from a 3-year high of 129,000 in November to a more modest 113,000 in December. Kelvin Davidson, of Capital Economics, believes this data may indicate the beginning of a change to the housing market, commenting that, "We continue to expect a marked cooling in activity levels and house price growth over the course of 2007." Although significant, a reduction in mortgage approvals in December is not unprecedented and is likely, in part at least, to have been seasonally-influenced. Approval data for January and February should provide a more accurate indication of which way the market is going. Prices Remain Unchanged Across 72% of UK in January A new survey published by Hometrack shows that while localised house price growth continued in areas such as London in January, 72 per cent of UK homeowners saw the value of their homes remain unchanged in the first month of the year. Headline house price inflation rates were distorted by a remarkable 0.8 per cent rise in the average price of houses in London, leading to a 0.4 per cent rise for the UK as a whole – equating to a 6 per cent yearly increase. Hometrack's survey also showed that over the last year, the average time taken to sell a property had fallen from 8.1 weeks to 6.7 weeks, a sign of strong demand. |
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