Just face facts …nothing is looking good in property
Stagnant property market sets house prices up to go nowhere in 2013
Property prices were flat in November and are likely to remain this way, or edge ever slightly lower next year, according to the latest Nationwide House Price Index.
The average house price over the course of the month slipped £300 to £163,853 in November, however, seasonal adjustment which adjusts figures to fairly compare quiet and busy months rendered this as a 0 per cent change.
With just one month left of 2012, house prices look likely to be broadly flat over the year – with the index posting a December 2011 figure of £163,822.
However, prices are 1.2 per cent lower compared to November 2011 and means the average property has lost almost £2,000 in value in the past 12 months. House prices have been down on an annual basis for the last nine months in a row.
Novermber’s flat performance followed a modest 0.6 per cent monthly increase recorded by the study in October which saw the average property value hit £164,153.
According to the report, annual price growth has remained within a narrow margin of between 1.5 per cent and minus 1.5 per cent on all but two occasions over the last two years.
Nationwide said that overall, house prices have remained stable, helped by the better-than-expected performance of the labour market in the tough economy.
According to Office of National Statistics (ONS) earlier in the month, the jobless total was 49,000 lower for July to September than for the preceding quarter, taking total unemployment down to 2.51million – 7.8 per cent of the potential workforce. The number of employed people rose by 100,000 to 2.51million.
Robert Gardner, chief economist at Nationwide, said: ‘The annual rate of house price inflation remained in negative territory for the ninth month in a row in November. However, the pace of decline remained extremely slow, with prices just 1.2 per cent below the level prevailing in November 2011.
‘The predominant theme remains one of stability. Indeed, UK house prices were unchanged over the month in November, after taking account of normal seasonal factors.’
Why do they want to build on green land when so much is empty????
please comment if you care as I have no idea…..
- House prices ‘still edging down’ (bbc.co.uk)
- UK house prices fall; Europe market slows (simplelandlordsinsurance.com)
- House prices flat in November and likely to stay that way (standard.co.uk)
- UK House Prices Little Changed, May Fall Over Next Year – Bloomberg (bloomberg.com)
- House prices fall for ninth month in a row in November (dailymail.co.uk)