Wednesday, Jul 08, 2009
Back on track?
Halifax: House price index June 2009
There was a 0.5% decline in average UK house prices in June. On a quarterly basis, the 1.9% fall in house prices in the second quarter was the smallest since 2008 quarter one. These figures provide evidence that the underlying pace of house price decline is easing.
There are further indications of a modest improvement in sales activity, albeit at a very low level. Industry-wide figures show that the number of mortgages approved to finance house purchase increased for the fourth successive month in May. Approvals were at their highest level since April 2008 and 10% higher than a year earlier.
Improvements in affordability and low interest rates have stimulated housing demand. This, together with a low level of properties available for sale, has helped to stabilise activity...
3 Comments
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1. 51ck-6-51x said...
I still do not know why increasing sales always portrayed as an indicator of less falls ( or even more rises )?
Transactions are required for price discovery, no matter in what direction.
2. it_is_going_with_a_bang said...
Low level of properties for sale? There are 270 within 1 mile of where I live. I wouldnt call that a low level.
3. 51ck-6-51x said...
IIGWAB
- I don't know if 270 is low or not, it depends where you live. I am in London, so if there were 270 within a 1mile radius of my flat I would call that low since it would be a small ratio of "for sale / total properties". If there are a few new developments near you that would push up the figure too... maybe it is worth researching for a national statistic?