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No concensus on UK house prices |
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Discussions on the future of UK house prices have been overtaken recently by other events in the financial markets, but the importance of property prices to many UK investors is not expected to stay out of the news for long. Recent reports from three organisations seem to disagree with their opinions on UK house price movements for 2008. The Council of Mortgage Lenders suggested that UK house prices look set for their weakest period of growth for the last ten years. Although growth was running at 10 per cent during July, the CML were expecting that to reduce to 5 per cent by year end and continue at only 2 or 3 per cent during 2008. The Nationwide, which releases a monthly press release on it's view of the housing market, seems to be struggling with consistency in it's own analysis. In August it suggested that annual growth for 2007 would come in somewhere between it's predictions of 5 and 8 per cent (quite a wide spread), but despite the dramatic events of September in the financial markets, house prices still grew by 0.7 per cent leaving the annual growth rate solid at 9.0%, with a typically strong period of growth yet to come. The website hometrack.co.uk, in it's September press release, suggested growth was at it's slowest for 20 months and it's annual growth rate of 5.9 percent, as calculated in August, differs wildly from the Nationwide figures. Home track is suggesting that prices will remain static in 2008. |
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