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Chancellor Insists Help-To-Buy scheme Is Part Of A Healthy Property Market

Chancellor Insists Help-To-Buy scheme Is Part Of A Healthy Property Market

Chancellor insists that 95% mortgages underwritten by Government are Part Of A Healthy Property Market

The Chancellor of the Exchequer, George Osborne has hailed the wider recovery of the UK’s economy and taken a swipe at the critics of his housing policies, insisting that large home loans are part of a “healthy market” and “aspirational society”.

Several Government schemes have been announced since the start of the year aimed to get banks and mortgage lenders to increase both the availability and affordability of mortgages in the UK.

The Government’s Help-To-Buy scheme has been the most controversial, because the Government underwrites high loan-to-value (LTV) mortgages, removing some of the risk from mortgage lenders, enabling them to offer cheaper mortgage loans to borrowers who only have small value deposits.

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UK Residential Property Prices Are Still Increasing

UK Residential Property Prices Are Still Increasing

UK residential property prices increased by between 0.3% and 0.6% in June depending on which house price index is viewed

Figures released by Nationwide and Halifax have some disparity; however, both report that residential property prices are increasing. 

Nationwide report that UK residential property is valued 1.9% higher than a year ago with the typical UK home worth £168,941 (GBP). 

Halifax report that UK residential property is 3.7% higher than in the same three months of 2012.

The data from Nationwide shows that the southern regions of England, especially London, continued to record stronger rates of property price growth and London also tops the table of property price growth in the second quarter index.

Overall the price of a typical residential property is up 1.4% compared with the same quarter in 2012.

10 of the 13 UK regions saw annual property price rises in the second quarter of 2013, however, Northern Ireland is still the worst performing region with property prices down 2.1% in the second quarter of the year.

London property prices increased by 5.2% compared with the second quarter of last year and the city has seen the greatest recovery in property prices of any region with prices now 5% above their 2007 peak at £318,214 (GBP).

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Residential Property Prices Continue To Rise

Residential Property Prices Continue To Rise

Residential Property Prices Up For Fourth Consecutive month

UK residential property prices increased for the fourth consecutive month in May 2013, according to the latest Halifax House Price Index (HPI).

Data from the latest Halifax House Price Index has shown that UK residential property prices rose by 0.4% in May 2013.

This means that the value of UK residential properties have now risen for four consecutive months, with prices in the three months to May 2013 coming in at 1.5% higher than in the preceding three-month period.

UK residential property prices have been rising modestly on this quarter-on-quarter measure since December 2012, with price increases between 1-2% in each of the past five months, while an increase in residential property sales has also been observed in the property market.

The Halifax House Price Index report as a whole indicated that UK residential property market conditions are better now than they were in 2012, with the ratio of residential property sales against the stock of unsold properties improving and demand for UK residential property purchases gradually gaining momentum.

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Property Values To Remain Flat In 2013

Residential property values increased by an average of 1.3% in December 2012 but according to the latest figures released by the Halifax, property values are likely to end 2013 at levels close to where they began.

UK Residential Property Values Not Expected To Change In 2013

UK Residential Property Values Not Expected To Change In 2013

The Halifax House Price Index revealed an average residential property price of £163,845 (GBP), up from £161,795 (GBP) in November 2012.

Over the course of the year, residential property values have remained little changed with six monthly rises and six decreases month-on-month.

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Property Investors Still Cashing In As Property Prices Continue To Fall

Residential property prices slipped by 0.7% during October 2012 as the weak economy continued to dampen demand, according to UK mortgage lender Halifax.

UK residential property prices dropped again in October 2012

UK residential property prices dropped again in October 2012

The latest residential property price decline, which contributed to a 1.7% drop compared with a year ago, took the UK average residential property price down to £158,426 (GBP).

Residential property prices in the third quarter up to October 2012 were 1.2% lower than the previous quarter, Halifax says, marking the fifth property price drop in a row for this measure of the underlying trend.

Nationwide said last week house prices had risen 0.6% month-on-month in October, but it added prices had fallen 0.9% year-on-year, taking the average UK property price in October to £164,153 (GBP).

House prices have been dropping on a monthly basis since June, and analysts have said distractions such as the Olympics and Paralympics have disrupted the UK residential property sales market.

Halifax housing economist Martin Ellis said: “The latest figures are evidence that the trend for a modest deterioration in property prices is continuing. The weak economic background has been a key factor dampening housing demand this year. Recent encouraging developments relating to the level of overall economic activity and conditions in the labour market, however, may help to support demand and underpin house prices around current levels over the coming months.”

Residential Property Prices Continue To Fall

Future UK property price falls may not just be down to the usual festive period slowdown as the latest Hometrack data has indicated that the number of new instructions for the sale of residential property, available on the open market, are increasing at a much faster rate than the number of potential buyers registering with estate agents.

Howard Archer, chief UK economist for IHS Global Insight, thinks UK house prices are likely to drift even lower in the coming months, stating: “Certainly, any significant turnaround in house prices still looks some way off. House prices are likely to stay under pressure from persistent limited market activity, low and fragile consumer confidence, and muted earnings growth.

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The Halifax have revealed that the end of the stamp duty holiday and a rise in first-time buyers rushing to jump on the property ladder, helped push up UK residential property values by 2.2% in March.

The lender said property values averaged £163,803 in March 2012

The average residential property value was 2.2% higher than in February but still 0.1% lower on a quarter-by-quarter basis and 0.6% down on 2011 property values.

Halifax housing economist, Martin Ellis, said: “Efforts by first-time buyers to beat the expiry of the stamp duty holiday at the end of March have probably increased sales in recent months and may have helped to support prices.”

Research by the bank revealed that around 4 in 10 first-time buyers benefited from the stamp duty concession before the threshold for stamp duty fell from £250,000 to £125,000 at the end of March 2012.

The HMRC have confirmed the number of residential property sales in January and February was 14% higher than in the same period of 2011, its highest level since 2009.

A new study by UK mortgage lender Halifax reckons that optimism is picking up among property investors, with more investors predicting a boost in the fortunes of UK residential property market than those predicting a dramatic fall in UK property values.

Just under 30% of those surveyed by the Halifax feel that UK property prices will increase in the next 12 months, up from nearly 28% from October 2011.

22% say UK property prices will decline, a fall of 8% on October 2011’s figures.

However, most people are predicting a year of stability in the UK housing market rather than any major changes, with 66% not expecting to see a rise or fall in property prices of more than 5%.

With the real possibility of an influx of overseas investors as the Olympics draw closer, optimism is high with many hoping that the hosting of the games in the nation’s capital will give the UK property market a much needed boost. Meanwhile, people in the North East are the least hopeful of price rises.

Halifax Chief Housing Economist, Martin Ellis, said: “The modest improvement in consumer confidence in the outlook for house prices reflects the resilience of the UK housing market over recent months in the face of a weak economic recovery and the deterioration in the outlook for both the UK and global economies.”

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