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'house Prices Show Sharp Increase'

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http://news.bbc.co.uk/1/hi/business/4971520.stm

House prices show sharp increase

House price inflation rose by 2.0% in April and by 4.4% in the first four months of 2006, the Halifax bank, the UK's biggest mortgage lender, has said.

April's price rise was considerably up on March's figure of 0.9%.

The result was to push up the annual UK rate of house price inflation from 6.2% in March to 8% in April.

The bank expects prices to rise further over the summer but then level off later in the year due to a "softening" of the labour market.

Howard Archer, chief economist at Global Insight, described April's sharp price rise as a "real shock that will heighten concern that prices are gaining excessive upward momentum."

The Bank of England's Monetary Policy Committee will announce its UK interest rate decision later on Thursday.

It is widely expected to keep rates unchanged amid growing uncertainty about the future direction of the economy.

Buoyant

The Halifax's calculations indicate the price of the average property in the UK rose from £175,441 in March to £178,992 in April.

Despite the sharp average monthly rise, Halifax stuck to their recently expressed view that the market will cool later in the year.

"Whilst the market may remain relatively buoyant over the coming few months, we expect the recent softening in the labour market and the continuing high level of house prices in relation to earnings to curb demand," Martin Ellis, Halifax chief economist said.

Mr Ellis added that higher council tax and utility bills would also dampen down house price inflation.

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Looks like the editors from the BBC have got new jobs, working here if you ask me.

Do you think my post should had been moved here within a few mins because i sure don't :angry:

Edited by Justice

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  • 301 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%



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