News: Daily Express - House Price Rise
Figures from Nationwide showed how house prices recorded an unexpected rise
HOUSE prices have defied gloom-mongers to record an unexpected rise. They ended 2011 up by a healthy one per cent compared with this time last year.
The figures from Britain’s biggest building society show a marked improvement from 12 months ago, when prices were down 0.5 per cent year on year.
Robert Gardner, Nationwide’s chief economist, said the housing market had performed remarkably well considering the very tough economic climate.
“Against a backdrop of anaemic economic growth and a deteriorating labour market, UK house prices were surprisingly resilient in 2011,” he said.
“Thanks to continued low interest rates, the number of forced sales remained low. Together with a dearth in building activity in recent years, this prevented a glut of unsold homes from accumulating on the market.
The figures provide further evidence of the long-term investment strength of bricks and mortar, with property values far outstripping shares, which were six per cent down over the year.
The rise in house prices has been fuelled by record low Bank of England interest rates and increasing mortgage availability. A BBC poll of 27 leading economists yesterday provided further hope that rates will stay at their current 0.5 per cent through 2012 and beyond.
The Nationwide end-of-year report showed that nine out of 13 UK regions saw house prices rise during 2011.
London saw rises of 5.5 per cent but prices were down in north and north-west England and in Scotland. Northern ¬Ireland was the worst performing region with prices falling 8.7 per cent. Separate figures from the Land Registry yesterday showed a monthly house price rise of 0.3 per cent in England and Wales. They also revealed that 729 homes sold for £1million or more in September, one per cent more than the same time last year.
Taken from the Daily Express, Saturday 31st December 2011
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