{"id":417201,"date":"2011-05-04T11:27:08","date_gmt":"2011-05-04T11:27:08","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/04\/house-prices-still-on-the-slide\/"},"modified":"2011-05-04T11:27:08","modified_gmt":"2011-05-04T11:27:08","slug":"house-prices-still-on-the-slide","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/04\/house-prices-still-on-the-slide\/","title":{"rendered":"House prices ‘still on the slide’"},"content":{"rendered":"

4 May 2011<\/span> Last updated at<\/span> 07:27 ET<\/span><\/span><\/p>\n
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\"Row<\/p>\n

Please turn on JavaScript.<\/strong> Media requires JavaScript to play.<\/p>\n<\/div><\/div>\n

Nationwide’s Robert Gardner: “The economy’s basically been stagnant over the past six months and the housing market has followed suit”<\/p>\n<\/div>\n

House prices in England and Wales are still falling, according to the latest survey from the Land Registry.<\/p>\n

It says the average property price fell by 1.1% in March to \u00a3160,996, leaving prices 2.3% lower than a year ago.<\/p>\n

The data paints a different picture from that of the Nationwide, which earlier said prices had been “fairly static” over the past six months.<\/p>\n

Meanwhile, mortgage approval figures from the Bank of England suggest sales may rise slightly in the coming months.<\/p>\n

Up or down?<\/span><\/p>\n

The Land Registry figures cover all completed sales in England and Wales.<\/p>\n

They shows that prices have been falling consistently since last August, with only one month since then – January – recording a price increase.<\/p>\n

“The data for March shows a monthly house price change of minus 1.1%, which is the largest monthly fall seen since February 2009,” the Land Registry said.<\/p>\n

Over the past year, only London had seen prices rise, up by just 0.8% in that time.<\/p>\n

By contrast, prices have fallen by more than 9% in the North East of England, while in Wales they have dropped by just over 7%.<\/p>\n

‘Move sideways’<\/span><\/p>\n

The Nationwide’s survey covers a sample of its own customers and suggests that in April house prices across the UK fell by just 0.2%, leaving them down 1.3% over the year.<\/p>\n

Continue reading the main story<\/a><\/p>\n

\u201cStart Quote<\/span><\/h2>\n
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Activity in the mortgage market remains subdued\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span> Adrian Coles<\/span> Building Societies Association<\/span><\/div>\n

However the lender said prices had fallen in three of the last six months and risen in the other three.<\/p>\n

Overall, this had left prices 0.6% higher in the three months to April compared with the previous quarter.<\/p>\n

Robert Gardner, the Nationwide’s chief economist, argued that the up and down pattern of monthly changes reflected a market with little real momentum.<\/p>\n

“A strong rebound in the market remains unlikely as the recovery is still expected to remain modest by historic standards,” Mr Gardner said.<\/p>\n

“In our view, the most likely outcome is that house prices will continue to move sideways or drift modestly lower through 2011.”<\/p>\n

More sales?<\/span><\/p>\n

Separate figures from the Bank of England point to a possible modest increase in sales in the coming months.<\/p>\n

The number of new mortgages approved for home buyers, but not yet lent, rose in March by nearly a thousand.<\/p>\n

At 47,557 the number of approvals that month was higher than the average for the previous six months.<\/p>\n

HM Revenue and Customs reported recently that there had been a jump of 10,000 in the number of homes sold in March.<\/p>\n

The number of completed sales rose from 55,000 in February to 66,000.<\/p>\n

However, sales in the first three months of the year, at 174,000, were still lower than during the same period last year, and were the second lowest figures on record for a first quarter.<\/p>\n

Adrian Coles, director-general of the Building Societies Association, sounded a note of caution, despite mortgage lending picking up at building societies and other mutual lenders in March.<\/p>\n

“These are increases from very low levels, and compared to previous times, activity in the mortgage market remains subdued.”<\/p>\n<\/div>\n

Originally posted here:
\nHouse prices ‘still on the slide’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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