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UK house prices record decline in May
Source: Agencies |
June 5, 2010, Saturday
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Print Edition
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BRITISH house prices fell by 0.4 percent in May, the country's biggest mortgage lender said yesterday, a day after another big bank reported a rise.
The report from Halifax, which leads the UK mortgage market, contrasted with the Nationwide Building Society, the No. 3 mortgage lender, which reported that prices rose by 0.5 percent in May.
The two lenders base their reports only on their own mortgaging activity.
"At the very least, May's drop in the Halifax index highlights the fragility of the past year's house price recovery," said Ed Stansfield, property economist at Capital Economics.
"While today's figures from the Halifax fit with our long-held view that the house price correction will involve another substantial drop at some point, it is still too soon to conclude that the figures are the first signs a new, much weaker house price trend," Stansfield said.
Halifax, which also reported a drop of 0.1 percent in April, calculates that house prices are 16 percent below their peak in 2007, while Nationwide says prices are down 9.5 percent from the peak.
"The mixed pattern of monthly price rises and falls so far this year is consistent with a slowing market and is in line with our view house prices will be flat during 2010 as a whole," said Halifax economist Martin Ellis.
"Further falls in the number of people in employment are curbing housing demand," Ellis said.
The report from Halifax, which leads the UK mortgage market, contrasted with the Nationwide Building Society, the No. 3 mortgage lender, which reported that prices rose by 0.5 percent in May.
The two lenders base their reports only on their own mortgaging activity.
"At the very least, May's drop in the Halifax index highlights the fragility of the past year's house price recovery," said Ed Stansfield, property economist at Capital Economics.
"While today's figures from the Halifax fit with our long-held view that the house price correction will involve another substantial drop at some point, it is still too soon to conclude that the figures are the first signs a new, much weaker house price trend," Stansfield said.
Halifax, which also reported a drop of 0.1 percent in April, calculates that house prices are 16 percent below their peak in 2007, while Nationwide says prices are down 9.5 percent from the peak.
"The mixed pattern of monthly price rises and falls so far this year is consistent with a slowing market and is in line with our view house prices will be flat during 2010 as a whole," said Halifax economist Martin Ellis.
"Further falls in the number of people in employment are curbing housing demand," Ellis said.
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