View more on these topics

House price inflation hits nine-year low, says RICS

Figures released by the Office of the Deputy Prime Minister show that house prices rose 2.2% in October from the previous year, compared to 3.3% in
September. The pace of house price inflation has as a result hit a nine-year low on the government’s official house price measure.

House price inflation has been hovering in the range of 2-4% since July, as the market settles down after a marked slowdown since mid 2004. The August interest rate cut along with continued strength in employment has supported market conditions, with mortgage activity already back above its long-run average.

It is interesting to note that while overall house price inflation has slowed to less than the growth rate of wages back in July, in the case of first-time buyer properties, prices in October were still rising at 5% per annum, which is ahead of wage rises.

The figures from ODPM show that annual house price inflation remains above average in northern England, Wales and Scotland, while little change has occurred in southern England and the Midlands. Statistics based upon information from chartered surveyor estate agents indicate that the market is showing signs of improvement across the country in the past month as buyers return.

The Royal Institute of Chartered Surveyors expects the current upturn in housing market activity to be sustained into 2006 as the economy pulls out of the slowdown of the past year.

Recommended

Half of brokers fail to see potential of technology to keep records, says BM Solutions

The BM Solutions One Specialist IT Index has revealed that one in two brokers are failing to recognise the potential of technology as an effective way of keeping records and producing audit trails. Whilst brokers do recognise that technology can deliver benefits to aid compliance, only 49% of brokers cited audit trails and record keeping […]

Remortgage to pay for Xmas

With each consumer expected to spend an average of 615 this Christmas, Bradford & Bingley is urging home owners to offset the cost by remortgaging. B&B says home owners languishing on SVRs could save around 150 per month – 1,800 per year – by moving onto a better deal rather than compensating for a festive […]

e.surv dismisses accusations of dubious valuations

e.surv chartered surveyors has hit back at the suggestions that dubious valuations of new properties are becoming endemic within the new build buy-to-let sector of the industry. Richard Sexton, director of e.surv, says: e.surv is the largest supplier of mortgage valuations in the UK and our primary obligation is to provide a valuation against which […]

SPPL reports 10% in sales during November

Southern Pacific Personal Loans says it is experiencing high levels of demand for its product range introduced on November 21. Product features include the first discount rate ever to be offered in the secured loan market, interest only payments on all sizes of loans, and self-cert for the first time up to 90% LTV. SPPL […]

Newsletter

News and expert analysis straight to your inbox

Sign up