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UK House Prices Post Largest-Ever Monthly Fall: Rightmove

Dec 17 2012
By
Forexbrokerz.com

House prices in the U.K. posted the steepest decline on record in December, but remained 1.4 percent higher than a year earlier in 2012, a survey by Rightmove showed Monday.

New seller asking prices fell 3.3 percent month-on-month in December to GBP 228,989. This was the largest decrease ever recorded by Rightmove. In November, prices were down 2.6 percent after 3.5 percent jump in October.

House prices are expected to continue its slow recovery in 2013 supported by greater competition among lenders and steady increase in affordability of house prices, Rightmove said. The property website forecasts 2 percent rise in 2013.

Rightmove pointed out that with inflation running at more than 2 percent, housing is becoming cheaper in real terms. Meanwhile, new seller shortage will continue to underpin prices.

"December is the most likely month for sellers coming to market to get very real about the price they ask for their home," said Miles Shipside, Director and housing market analyst at Rightmove.

Rightmove said the outlook for 2013 is "slightly more positive", though the market will remain patchy. According to Shipside, the reasons for a slightly more optimistic market next year included apositive combination of lenders with greater funds to lend and buyers with a five-year itch to move.

"Increased competition among lenders and the slow but steady increase in affordability of house prices may help some to finally move on," he added.

Demand for housing is expected to rise further next year. Rightmove said that pent-up demand remained high, fuelled by frustrated home-movers whose moving ambitions have been on hold since the start of the credit-crunch in the autumn of 2007.

Supply, however, looks set to remain constrained in 2013 with new listings likely to be around the 1.2 million level seen in each of the last three years, the report said.

Annually, the national asking prices grew 1.4 percent in December. House prices in London declined 4 percent month-on-month to GBP 464,398. Year-on-year, prices in the capital city were up 6.8 percent.

The material has been provided by Instaforex Company - instaforex.com
TAGS: UK  House  Prices  Post  Largest-Ever  Monthly  Fall:  Rightmove   

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