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Housing market cooling

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  • Housing market cooling

    The Nationwide has reported that house price sales were sluggish over May, with property prices only rising 0.2% overall.

    What the figures don't show is a regional breakdown, which is probably very important, as London apparently still has a lot of activity - which means that a number of areas must be seeing price deflation.


    Prices rose by only 0.2% this past month, pulling back the annual rate of house price inflation from 4.8% in April to 4.7% in May.

    Prices in the three months to May rose by 1.6% compared with the previous quarter, down from the 1.7% rate seen in the three months to April.

    The average house price in the UK is now £164,632, up by £7,500 in the year.

    Further evidence of a possible slowdown came in figures from the Bank of England.

    They showed that number of mortgages approved for house purchase dropped in April to 106,000.

    That was down by 8,000 from the previous month and was significantly lower than the average of 115,000 over the preceding six months.

  • #2
    Yeah, prices should begin to rise less and then eventually fall. It won't be an over night thing. Property prices are extremely sluggish. Very different from the price of oil nowadays!
    Government Authorised Property Real Estate Agents in Kefalonia, Greece.