|
Related Stories »
Latest Forex TV Video »
UK House Prices Continue To Rise In October: Hometrack (RTTNews) - In a further sign that the UK property market is recovering after the worst recession, house prices rose for a third month in October, due to an increase in demand amid supply shortage. The average asking price of a UK home rose 0.2% month-on-month to GBP 156,400 in October, according to property data manager Hometrack. On an annual basis, home prices were down 4.2% following the 5.6% contraction in the previous month. Home prices in London were up 0.4% month-on-month. Other recent reports also showed continued increase in house prices. The Nationwide Building Society said its house price index rose for a sixth time in October on a monthly basis and recorded the first annual increase since March 2008. The Land Registry said house prices in England and Wales climbed 0.9% on a monthly basis in September. A survey conducted by the Royal Institute of Chartered Surveyors showed that the net balance of respondents expecting house price to rise increased in September to its highest level since May 2007. The percentage of sellers achieving their full asking price climbed to 92.9% and the average time a property took to sell dropped to 8.4 weeks, Hometrack said. "The last six months has seen a continued improvement in housing market sentiment on the back of rising demand and a lack of housing for sale," said Richard Donnell, director of research at Hometrack. "Prices have firmed and the discount between sales and asking prices is back to the same level it was at the start of the credit crunch over two years ago." Donnell noted that recent Hometrack surveys give clear indications that there is a marked slowdown in the rate of growth in the volume of new buyers registering with agents. Higher prices are now weighing down demand, which boosted the market in recent months. The number of new buyers registering with estate agents grew only 1.2%, down sharply from an average of 7.5% in spring and early summer. "Pent-up demand that has boosted the market in recent months is starting to fade in the face of firmer pricing and fewer clear bargains," Donnell said. The Bank of England, which is due to review its monetary policy on November 5, is expected to hold its key interest rate at a record low of 0.5%. The central bank is also expected to expand its asset purchase scheme from the current GBP 175 billion as the economy unexpectedly contracted in the third quarter. According to a preliminary estimate from the Office for National Statistics, the British economy contracted 0.4% sequentially in the third quarter, after shrinking 0.6% in the second quarter. It was the sixth quarterly fall in gross domestic product. Thus, the economy suffered its longest streak of contraction on record. |
Top Content » |
Contributor Login | Free e-mail Alerts | About Us | Contact | Advertise With Us |
| Rates | News | Video | Currency Focus | Resources |
| Forex Spot Rates | Top Forex TV Economic News | Most Recent ForexTV Video | Euro (EUR) | Global Economic Calendar |
| Cross Rates | Commodity News | Forex News | Japanese Yen (JPY) | Currency Converter |
| Equity Market News | Stocks & Bonds | Sterling (GBP) | Glossary | |
| Charts | World Market Previews | Education Video Series | Swiss Franc (CHF) | Currency Codes |
| Forex Charts | Forex Market Commentary | ProSticks Analysis | Canadian Dollar (CAD) | Global Statistic Resources |
| ProStick Charts | Technical Analysis | Australian Dollar (AUD) | CPI Avg. Price Calculator | |
| New Zealand Dollar (NZD) | CPI Inflation Calculator | |||
| Nordic (NOK) | CIA World Factbook | |||
| EMEA | Pivot Point Calculator | |||
| Content Sharing | ||||
| RISK DISCLAIMER: By using this web site you agree to its terms and conditions. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Forex (or FX or off-exchange foreign currency futures and options) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. The leveraged nature of FX trading means that any market movement will have an equally proportional effect on your deposited funds and such may work against you as well as for you. Past results are no indication of future performance. Information contained this web site is intended for informational purposes only and was obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. | ||||
| Privacy Policy | Terms and Conditions | ||||