The last report of the Bank of the Halifax real estate market UK

The leading lender of UK Bank Halifax has published its index of property prices.

Prices for residential property in the UK fell slightly for the second month in a row and third time in the last six months. In April, the fall amounted to an average of 0.23%. The price movement in the market is unstable and in order to identify the trend, better to take the quarterly indicators of prices, rather than to track the trend by month. Over the past three months the trend is upward, and fixed prices at the level of 2.3%.

The average price of residential property in the UK according to the Halifax index now stands at £177648 , and for the year price growth remained at 2.3%.

Over the past two months has slightly decreased as the sales volume and the number of approved mortgage loans. Thus, the number of sales fell in March by 5 percent to 106070 , but still 29% higher than in March 2013.

The number of mortgages approved fell in March 2014 to the level of September 2013 and 12% lower than they were at its peak in January 2014.

There is a growing gap between demand and supply.

The number of requests from customers remained approximately at the same level, but the number coming onto the market of new objects for sale reduced for the third month in a row. The demand for housing is fueled by how good the conditions on mortgage lending, which stimulates the confidence of customers and positive processes in the economy, and as consequence – a rise in wages. All these factors continue to pressure the market, pushing prices up.

It is not excluded that introduced in the end of April, new rules on mortgage lending a few months will reduce the number of mortgages approved and the number of transactions. However, this is only a temporary technical hitch that does not negate the General trend of growth in property prices. In the whole country, property prices in the UK still far below their peaks of 2007. Therefore, all the talk about the bubble in the real estate market is not baseless, and the market potential is huge.

® Alice Morgan G. 06.05.2014

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