Jump to content
House Price Crash Forum
Sign in to follow this  
Pent Up

Academagictrix April Guess 0.3%

Recommended Posts

http://www.bloomberg.com/news/2011-05-12/u-k-property-prices-increased-0-3-in-april-acadametrics-says.html

U.K. House Prices Increase on Buyer Surge to Beat Government Tax Increase

U.K. house prices rose in April as buyers rushed to beat a sales-tax increase, research company Acadametrics Ltd. and LSL Property Services Plc said.

The average price of a home in England and Wales increased 0.3 percent from March to 223,352 pounds ($363,300), the groups estimated in an e-mailed report in London today. From a year earlier, prices were up 0.9 percent.

The government raised a property transfer tax known as stamp duty for homes costing more than 1 million pounds in April as part of measures to tackle the budget deficit. The property- market recovery may still struggle to sustain momentum this year as banks maintain tight lending standards.

“Rising prices at the top of the market have held up property prices,” said David Newnes, managing director at LSL. “The market remains hampered by tight mortgage lending. The prospect of a rise in unemployment will create growing uncertainty as the year goes on.”

Chancellor of the Exchequer George Osborne increased stamp duty to 5 percent from 4 percent on April 6. Acadametrics said the number of properties above the 1 million-pound threshold sold in the first five days of the month was more than the historical average for the month.

Three of the 10 regions tracked by the groups showed increases in April from March, with the biggest gains in London and the South East, which have a higher proportion of properties above 1 million pounds.

Transactions

The number of transactions fell about 6 percent in April, due to consecutive bank holidays to mark Easter and the wedding of Prince William and Kate Middleton. The total was the second lowest for the month since records began in 1996, the report said. April normally shows a monthly increase of 2.3 percent.

Bank of England data this month showed lenders granted 47,775 home loans in March, less than half the levels seen around the peak of the housing boom at the end of 2006.

A report today by e.surv chartered surveyors showed credit availability may be improving. Homes selling for less than 125,000 pounds accounted for 27 percent of mortgage approvals in April, up from 20 percent a year earlier. Conditions for first- time buyers are improving, e.surv said, as the average loan for the cheapest homes rose to 68 percent of the property’s value from 64 percent.

Other reports on the property market this week have been mixed. The Royal Institution of Chartered Surveyors said May 10 its house-price gauge rose to the highest level in nine months in April. Lloyds Banking Group Plc (LLOY)’s Halifax division said a day earlier prices fell 1.4 percent, the most in seven months.

Households are under pressure from the government’s fiscal squeeze and inflation that’s twice the central bank’s 2 percent target. The number of properties repossessed by banks rose 15 percent in the first quarter to 9,100 from the previous three months, the Council of Mortgage Lenders said yesterday.

Acadametrics and LSL combine initial housing transaction data from the U.K. Land Registry and results from other price measures to produce an estimate for the most recent month. That number is then revised in following months.

Should be quite a hefty downward revision to march's figure as they guessed -0.1% and the land registry, where they get their data from was -1.1%

Share this post


Link to post
Share on other sites

http://www.bloomberg.com/news/2011-05-12/u-k-property-prices-increased-0-3-in-april-acadametrics-says.html

Should be quite a hefty downward revision to march's figure as they guessed -0.1% and the land registry, where they get their data from was -1.1%

There should be, but this estate agent's index with a fancy name will no doubt report a rise regardless ;).

Share this post


Link to post
Share on other sites

So they have pretty much sold all the million pound houses in one month what they gonna do for the rest of the year :huh:

Watch them go down in value?

Seriously though, has that artificial deadline been a prop to the London maket that will end the price rises there?

Share this post


Link to post
Share on other sites

Watch them go down in value?

Seriously though, has that artificial deadline been a prop to the London maket that will end the price rises there?

Even if London starts spanking i still think price indices should hold up whilst Maidstone exists

Edited by georgia o'keeffe

Share this post


Link to post
Share on other sites

Watch them go down in value?

I think so, certainly why would anyone put their house on for £1.1 or £1.2 ? They will only get offers of £999,999 at best.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.