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UK house prices rise for the seventh consecutive month.
The latest report from the Nationwide building society reveals that the typical home was 0.5% more expensive in November than in October and now costs £162,764.
Compared to prices a year ago this is an increase of 2.7% and brings house prices back to the level they were in early 2006.
However, the three month rate has slowed from an increase of 3.5% in October to 2.8% in November. This is generally considered to be a better reflection of the market because it helps to smooth out any short term volatility.
It is thought that the unexpected rise in house prices through the recession is due to better than anticipated unemployment figures. Employers have opted in many cases to effect pay decreases or hour cuts rather than make employees redundant. Whilst this has reduced income it has not had such a dramatic effect as unemployment. This combined with the reduction in interest rates and the slow emergence of new mortgage deals are pointed to as the main reasons for the continued price increases.
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