Sunday, December 25, 2011

U.K. house prices december 2011

U.K. house prices december 2011 ; U.K. house prices ended 2011 2.1% lower than where they began the year, according to Hometrack's December house price survey published Monday, and the property market analysis firm is expecting a similar fall in 2012.

U.K. house prices fell 0.2% on the month in December, the same pace of decline recorded in both October and November. While both the monthly and annual drops reflected the national market mood, pockets of strength in affluent areas of London flattered the overall national picture.

And, despite fears over increasing unemployment and the ongoing euro-zone crisis which is limiting bank funding to support an increasingly weaker U.K. economic outlook, Hometrack is forecasting a 3% decline in prices over the course of 2012.

"The housing market has proved resilient over 2011 despite a steadily deteriorating economic outlook," said Richard Donnell, director of research at Hometrack.

"The fortunes of the housing market are directly linked to the wider economy and looking ahead to 2012 the expectation is that growth will remain sluggish, unemployment will continue to rise and household incomes will remain under pressure. Low interest rates and housing turnover will continue to act as a support to prices but the overall trend will be downwards," Donnell said.

The housing market has remained stable for much of 2011 as a lack of forced sellers coming onto the market has meant buyers have had less choice and had to pay a premium to secure the best properties in prime locations. This behaviour has been particularly prevalent in some London regions, the survey shows. The details of Hometrack's December survey show that the leading indicators are slipping.

The proportion of the asking price achieved fell to 92.3% from around 92.5% in November, while the time a property took to sell rose to 10.1 weeks from just under 10 weeks a month earlier. For the latest updates on the stock market, visit Stock Market Today
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