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Landmark’s Blog
Increase in house prices
Published on 3rd July, 2009 at 11:46 by Eric Mowinski B.Sc.
The Nationwide House Price Index reported a 0.9% month on month increase in house prices in June.
Does the recent increase in the Nationwide House Price survey for June, combined with an increase of 1.2% for May, mean that we have seen a bottom to the falls in the UK housing market ?
Unfortunately I do believe this is the case and whilst the increases may be a temporary respite, there are likely to be further falls. All the key indicators point to trouble ahead.
Mortgage approvals at the end of 2008 were 57% lower than at the end of 2007. Banks are still reluctant to lend on anywhere near the same terms as those experienced in the years leading up to 2007.
For those applying for new mortgages, a significant deposit means a reasonable rate for anyone with a 5% or 10% deposit, they are paying a premium interest rate. The lower end prices for first time buyers are still too high compared to income multiples and until we see an improvement in the economy with further reductions in price, there is little to stimulate the market.
For property investors, there may be opportunities in picking up some real bargains !
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Posted under the following tags: propertyprices, nationwide, interestrates.
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