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Average UK home prices rise
Source: Agencies |
January 1, 2011, Saturday
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AVERAGE house prices in the UK rose 0.4 percent in 2010 as falling prices in the second half of this year offset gains in the first half, a mortgage lender said yesterday.
The Nationwide Building Society, the country's third-largest mortgage lender, said average house prices were up 0.4 percent in December from November.
For the last three months of the year - considered a better indicator of the trend - average prices were down 1 percent from the previous quarter.
"There is little to indicate buyer demand is set to pick up materially from current levels. At the moment, there are probably still too few buyers chasing too many properties," said Martin Gahbauer, Nationwide's chief economist.
"As a result, the slow drift down in house prices is likely to persist in 2011, at least for the first half of the year."
The average sale price in December was 162,800 pounds (US$252,000), down from a peak of 186,000 pounds in October 2007.
The Nationwide Building Society, the country's third-largest mortgage lender, said average house prices were up 0.4 percent in December from November.
For the last three months of the year - considered a better indicator of the trend - average prices were down 1 percent from the previous quarter.
"There is little to indicate buyer demand is set to pick up materially from current levels. At the moment, there are probably still too few buyers chasing too many properties," said Martin Gahbauer, Nationwide's chief economist.
"As a result, the slow drift down in house prices is likely to persist in 2011, at least for the first half of the year."
The average sale price in December was 162,800 pounds (US$252,000), down from a peak of 186,000 pounds in October 2007.
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