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House Prices: What The Market Says

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House prices: what the market says

11:39, Thursday 3 March 2011

UK house prices fell at the fastest rate in more than a year in February, but was tempered by a surge in demand from potential buyers. Here is what housing companies and analysts say about the sector.

Robert Gardner, Nationwide's chief economist

"The overall picture is one of a market treading water. Given that the recovery hit a soft patch at the turn of the year and looks set to remain sluggish in the year ahead, the property market is likely to follow suit. The continued uncertain outlook for the economy is likely to keep many potential buyers on the sidelines for some time yet.”

Mark Clare, chief executive of Barratt Developments

"First (OTC BB: FSTC.OB - news) -time buyers will have to look at second-hand rather than new, it is going to make it a lot harder [to buy a house]. First timers are being pushed into the private rental market, but that also requires new homes to be built."

David Dooks, the British Banking Association’s statistics director

“We are seeing little change in the borrowing environment for households at the start of 2011. The high street banks have seen more remortgaging activity of late. The emphasis is on repayment rather than new borrowing.”

Paul Diggle, a property economist at Capital Economics

“The marginal rise in total mortgage lending in January was not particularly encouraging. Weak demand and hefty refinancing requirements will keep lending subdued for the rest of this year.”

Steve Morgan, founder and chairman of Redrow (Xetra: 906188 - news)

"House prices have been stable for some considerable time now and we do not share the pessimism of some commentators that there will be a major fall in house prices during the coming year."

Ed Stansfield, chief property economist at Capital Economics

“Most evidence suggests that buyers remain either unable or unwilling to meet current asking prices, but the low interest rate environment means that sellers are under little pressure to accept lower offers.

“It is hard to know how long this stand-off might last. But these figures are not evidence that the prices have settled at a new, equilibrium level. After all, the rise in unemployment that we expect will not only dent demand further but will also increase the number of forced sellers in the market.”

Realistbear, forum member of Housepricecrash website

"I think the market is doomed, doomed I tell ye."

Matt Hutchinson, director at Spareroom.co.uk

“People who would normally be looking to buy their first property after renting for a few years, and are either unable to because they can’t secure a mortgage, or are reluctant to because of all the uncertainty surrounding interest rates and property prices, are renting for longer as a result.”

Kevin Beeston, chairman, and Pete Redfern, chief executive, at Taylor Wimpey (Dusseldorf: 408518.DU - news)

"Constrained mortgage lending and the continuing uncertainty in the wider UK economic environment remain the greatest restrictions on the market."

Edited by Realistbear

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Prices might be doomed and prices might be falling in some places. However "decent" parts of many towns remain unchanged and high.

Looking at other towns further along coast prices are pretty much unchanged such as in Lymington, Hamble and some (decent) parts of Southampton and Portsmouth

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