propertytalk Live! - House price stability amidst gloomy economic outlook
This month’s Chesterton Humberts/CEBR House Price Poll of Polls has added to the picture of increased stability in the UK housing market.
Set against a back-drop of rising mortgage approvals and improving credit availability, the Poll of Polls saw a marginal rise in house prices this month, following a small revision of last month’s data when the latest Land Registry figures were published.
All in all, national house prices are fairly flat although the strength of house prices in London has been pulling up the national average. Home sales in the capital represent roughly thirteen per cent of the national average. Therefore any increase, even if it is small, in house prices in the capital is likely to have a significant inflationary effect on the national average, masking the actual story of stagnating prices for the UK as a whole.
The recent fall in world stock markets on the back of increased sovereign debt concerns in the Eurozone makes house prices in the capital a relatively safer bet than those within the Eurozone.
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