UK house prices fall again in November – industry views
Recent reports have confirmed that the UK housing market is still struggling to improve, with prices down 0.9% again in November according to Halifax, despite a small rise of 1.2% last month. Prices fell overall by 0.6% in the three months of September – November, compared with the previous quarter. However, Banks and finance lenders are privately quite impressed with how the UK housing market is weathering the global and European economic storm. Prices have been showing surprising buoyancy given the pressures in the economy.
Martin Ellis, housing economist for Halifax, said that “overall, house prices have remained remarkably stable in 2011 despite the difficult and deteriorating economic climate and the substantial pressure on households’ finances”. He went on to say that “The UK average price now is only marginally lower than at the end of 20101. In addition, activity has recently shown a few signs of strengthening a little. We expect the market to remain broadly unchanged in terms of both prices and sales over the coming few months as demand and supply conditions alter little”.
Tracy Kellett from BDI Homefinders said that while it is accepted that the market is stagnating “the fundamentals of house selling and buying have not changed. With so few of them around, buyers can afford to be choosy”. She continued to say “But good properties that are priced sensibly are selling well. Detailed and careful research of the local market is still the only way to gauge whether a property is priced realistically”.
The key messages seem to be that the market is not falling as much as it could be and is in fact showing some signs of positivity. As always, cash buyers can find bargains if they are willing to look, and buy to let investments are continuing to prove very popular as the renting community continues to grow.
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