Quarterly report of the UK property market from the Halifax Bank published in early December 2014.
According to the report, property prices in the UK for the last three months – September, October, November were 0.7% higher than in the previous three months.
It would seem that a slight increase in prices. But if you compare the price of residential property in the UK with the same period a year earlier, prices rose 8.2% .
Data from the latest quarter show the slowest growth in prices since February 2014. The Oct showed a price fall of 0.4%, which was offset in September and November.
In October, fell and the number of transactions to 98490. It was the first month of 2014, when the number of transactions was less than 100,000. However, the number of transactions in 2014 will be over 1 million, for the second year in a row.
Significantly decreased the number of approved mortgage loans. In October, the figure was 59426, which is 22% lower than, for example, in January 2014. The decrease in the number of approved mortgage loans due to the introduction of the Bank of England in April 2014 stress tests, which greatly complicated the procedure of obtaining a loan.
Positive market news is that over the last three quarters increased by 10% the number of new housing coming onto the market the UK real estate compared to 2013.
The demand for housing still exceeds supply, but the trend of increasing the pace of construction should lead to a more balanced ratio of supply and demand in the market. This will help reduce pressure on prices from buyers.
The demand for residential property in the UK in 2015 will be supported by economic recovery, rising employment and still low interest rates the Bank of England. Halifax Bank predicts moderate growth in property prices in the United Kingdom in 2015 at the level of 3% to 5%.
® Alice Morgan 10.12.2014
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