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Landmark’s Blog
Residential Property Prices Increase
Published on 1st June, 2009 at 14:44 by Eric Mowinski.
For May the Nationwide reported the average UK residential property increased by 1.2%. Is this the end of the downturn?
Although property prices are 11.3% down over the year the Nationwide reported an increase of 1.3% in May. This snapped a number of negative months.
Sadly I do not think this represents the bottom of the housing market. It is not unusual to get blips in the long term correction of prices. If we look at the fundamentals of earnings to borrowing, upon a back drop of rising unemployment property prices have further to fall before they return to fair value.
I hate to be negative but this false dawn maybe misleading.
Posted under the following tags: houseprices, nationwide, unemployment.
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