{"id":285251,"date":"2011-03-01T07:01:37","date_gmt":"2011-03-01T07:01:37","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/01\/housing-market-treading-water\/"},"modified":"2011-03-01T07:01:37","modified_gmt":"2011-03-01T07:01:37","slug":"housing-market-treading-water","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/01\/housing-market-treading-water\/","title":{"rendered":"Housing market ‘treading water’"},"content":{"rendered":"

\n \t\t
\n 1 March 2011<\/span>
\nLast updated at <\/span>02:01 ET<\/span>
\n<\/span><\/p>\n

The recent fall in house prices may be slowing down, according to figures from the Nationwide building society.<\/p>\n

It said prices had risen slightly in February, by 0.3%, to leave them 0.1% lower than they were a year ago.<\/p>\n

It means the average UK house price is now \u00a3161,183, the lender said.<\/p>\n

The building society described the state of the property market as “treading water” with seasonally adjusted prices more or less flat over the past six months.<\/p>\n

“This shouldn’t come as too much of a surprise,” said the Nationwide’s chief economist Robert Gardener.<\/p>\n

“Housing market trends are closely linked to wider economic prospects.<\/p>\n

“Demand for homes has levelled out, supported by historically low interest rates and some stabilisation in the labour market,” he added.<\/p>\n

Reluctant sellers<\/span><\/p>\n

Some economists and commentators have predicted quite a sharp fall in prices this year, possibly by more than 10%.<\/p>\n

\n\tContinue reading the main story<\/a>\t<\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

There are tentative signs that the volume of homes coming onto the market is slowing\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span>
\n\tRobert Gardner<\/span>
\n\tNationwide chief economist<\/span><\/p><\/div>\n

Mr Gardner took a different view, predicting a continued low level of sales, with prices flat or only “modestly” lower by the end of 2011.<\/p>\n

The continued rationing of mortgage funds by lenders is expected to restrict the number of potential buyers and should, in theory, help to undermine prices.<\/p>\n

Mr Gardner calculated that someone earning the average salary, and saving 15% of their take-home income, would now take eight years to save enough for the typical 21% deposit on the average house.<\/p>\n

But he said that other factors were keeping the number of sellers low.<\/p>\n

“Sellers remain reluctant to accept lower prices to secure a sale,” Mr Gardner said. <\/p>\n

“In fact there are tentative signs that the volume of homes coming onto the market is slowing,” he added.<\/p>\n<\/p><\/div>\n<\/p>\n

Link:
\nHousing market ‘treading water’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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