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Two-stage house price rebound as London leads way

A two-stage recovery is emerging in the housing market as a surge in house prices in London leaves the north of England trailing.

Speaking at the Building Societies Association conference Martin Gahbauer, chief economist at Nationwide Building Society, told attendees that the gap between price rises in London and those in the North-East and North-West is continuing to widen.

Gahbauer says the average house price in the capital has gone up by 16.5% since the trough.

London prices are currently 7% below the market peak in 2007 but are likely to return to 2007 levels in the next 12 months.

Gahbauer says: “Compare London with regions in the north – they have seen some rebound in house prices in the past six months or so but the picture has generally been bleak.

“So while we had a pretty uni-form downturn across all regions in 2008 and 2009 the house price recovery is now developing into a two-stage one, with London and the South-East showing a strong rebound and northern areas taking a flatter profile.”


Free unemployment insurance for new mortgage customers at HSBC

HSBC is offering free unemploy-ment cover for new mortgage customers if life insurance is also taken out. The move follows the launch of HSBC’s split mortgage that allows borrowers to fix a proportion of their loan, with the remainder on a lifetime tracker rate. All borrowers are being offered unemployment cover if they take out […]

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Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


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