Tuesday, December 20, 2011

House Prices Remain Stable in November

There was no movement for house prices in the UK in November, according to the latest England & Wales House Price Index from LSL Property Services/Acadametrics.

However, just because house prices have remained static, people should not assume that they are not becoming more affordable.

David Brown, commercial director at the firm, said that zero growth means that in real terms houses are becoming more affordable.

"With inflation running at five per cent the real cost of property is getting smaller and smaller, which is good news for buyers and mortgage borrowers alike," he added.

The data showed that the average house price in the UK now stands at £220,043.

Mr Brown said that while over the past year house prices have dropped 0.7 per cent, low mortgage rates, the stamp duty holiday and the government's FirstBuy scheme have prevented larger falls.

Recent data from Halifax showed that 2011 has so far seen five months of price falls and the same number of rises, with one month of no change.

Mortgage Rate & Home Loan News

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