What is really happening to UK House Prices?
Virtually everyday you can pick up a newspaper and find some comment about house prices.
And for the past few years the comments have all been about prices going up, how quickly they are increasing, how difficult it is for people to get onto the property ladder etc etc.
Well recently there have been a number of press releases that seem to indicate a change in house price movements in the UK.
Some have indicated that the increases are slowing, some say it's a blip caused by interest rate increases, some even say that prices are dropping. It can be difficult to know who to believe, so we thought we would provide a quick round up of who's saying what at the moment and let you judge for yourselves.
The information presented below is all from August/September 2007.
29th August - Land Registry figures from July indicate that growth has almost stopped with just a 0.1% increase in the month. 30th August - Nationwide claim that prices rose 0.6% in August giving a total growth over the past year of 9.6% - they also predict growth over the next 12 months to be between 5% and 8%. 10th September - the Department of Communities and Local Government reports that prices rose by 2% in July, taking annual growth to 12.4% - much higher than the Nationwide figure. So what should we believe? - some sources say that most of the growth is fueled by prices in the south-east which are now rising at 11.9%, with the situation across the rest of the country slowing down rapidly.
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