The Halifax says UK-wide house prices are rising on average by nine per cent per year, but the rate of growth is slowing down.
Prices in the three months to the end of November, for example, rose only 1.4 per cent - the lowest quarterly price rise for a year. And prices actually fell in the single month of November, by 0.2 per cent, although the Halifax stresses that the quarterly figure is always a more reliable guide to the operations of the market.
The typical home in the UK now costs £204,552 says the Halifax - a year ago the price was £188,058.
Over that 12 month period the annual rate of house price inflation has ranged from 7.8 per cent to 9.7 per cent - it’s currently 9.0 per cent.
In separate research, the Halifax says the value of the UK's private housing stock - as measured in August of this year - was estimated at £5.1 trillion, before the deduction of outstanding mortgage balances.
This compares with £3.3 trillion in 2005, and represents since that time an increase of £1.8 trillion or 53 per cent. This is equivalent to £76,316 per household in the owner-occupied and private rented sectors.
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Oh the much vaunted ''Halifax'' monthly report.
I ask ''what do they know about the housing market?'' They dont count around 80% of sales - so how come the industry pays so much attention to these people? - Even then they are talking about ''mortgage offers made'' not house sales at all.
Much less The Nationwide who have an even smaller mortgage market share.
Personally I ignore these reports and go with much more accurate Stats widely available.
Which do you use? I like Hometrack's
Paul thank you for your enquiry
I generally prefer STATS from people such as the ONS which record actual house price sales and not mortgage offers, plus I understand their sample is 75% or 80% of the total market (not just mortgage applicants)
The Land Registry is also another excellent source, as that records all actual house sales (except brand new) - crucially: ''The LR - HPI measures average price changes in repeat sales on the same type of properties. This means that price changes on a flat in Mayfair are not compared to a flat in the Old Kent Road.''
Doubtless some will say these examples are also flawed in some way - but I would say they are less flawed than ''The Halifax'' et al!
These examples are flawed in some way :)
they are less flawed than............ :)
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