Property News

Wednesday, June 27, 2007

Melton sees falling house prices

UK mortgage lender Halifax reported house prices in Melton Mowbray fell 2% on the year in the first three months of 2007, while prices in some London districts rose as much as a third.

In most places in Britain, property prices are heading upwards and that's despite four interest rate rises over the last year, large household debts and record personal insolvencies. In property hotspots such as London and Northern Ireland, the cost of a home is rocketing. But there are signs that the market may be about to turn.

Some believe that Melton is an example of what might happen across Britain's housing market.
"People can't afford mortgages, my mortgage is extortionate," said Diane McLeod, the 49-year-old manager of Melton's 14th century Anne of Cleves pub.

Interest rates hit a six-year high of 5.5% last month and are expected to climb to 6% by the end of year.

Monday, June 11, 2007

House price inflation picks up

According to The Department for Communities and Local Government, house price inflation picked up unexpectedly in April thought to be boosted by the continued strength in London's property market.

Its stated that house prices rose 11.3% year-on-year in April compared with 10.9% increase in March. However, data from the Bank of England showed approvals for new mortgages fell for a third month running in April, while the Halifax house price survey last week showed property prices rose last month at their weakest monthly pace this year.

In April, the average house price was £209,454, more than £10,000 higher than November.
House prices in London also rose 14% year-on-year in April and have risen faster than the national average for the past year.