LONDON (MNI) – UK house asking prices rose in every one of the
first six months of the year, were volatile in the second half and ended
the year up just 1.5% on a year ago.
The December Rightmove survey shows that for all the volatility in
the monthly moves, 2011 has seen very modest increases in house asking
prices. In December house asking prices fell 2.7% on the month to stand
up 1.5% on the year, having fallen 3.1% on the month in November.
The Rightmove survey showed some highly erratic monthly moves in
the second half of the year, with house asking prices rising 2.8% on the
month in October before more than reversing that move in November.
The largest monthly rise in 2011 was back in February, when prices
rose 3.1%. In December, the average house asking price was Stg225,766,
up from Stg223,121 in January and Stg222,41 in December 2010.
The underlying picture of the UK housing market for much of 2011
has been one of record low lending rates, tighter mortgage restrictions
and a struggling economy combining to produce either low levels of house
price inflation or even deflation.
The Nationwide November survey, based on mortgage data, showed
house prices up 1.6% on the year, while the rival Halifax survey showed
them down 1.0% year-on-year in the three months through November.
The Rightmove survey covered prices registered with estate agents
between November 13 and December 10.
–London newsroom: 4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: MABDS$,M$B$$$]
