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House prices continue to shrug off downturn Frost gets top role at Artemis

Fears of a housing market slowdown have eased after Nationwide Building Society reported a further rise in prices last month.

Nationwide&#39s house price index shows that prices rose by 0.7 per cent in November following a 0.5 per cent drop in October. The increase means the average house price is now up to £92,262 from £91,653.

But the annual rate of house price inflation fell slig-htly to 12.8 per cent from 13.1 per cent in October due to a rise in prices of almost 1 per cent in November 2000.

Group economist Alex Bannister says the figures indicate that the housing market has so far shrugged off the slowdown in the global economy despite a small dip in consumer confidence.

He points to increasing numbers of house sales, with over 140,000 properties changing hands in October – 14 per cent more than the 122,807 houses sold a year ago.

Bannister still believes there will be a slowdown in the market but says the figures show it will come later than originally anticipated.

He predicts house price growth will slow over the next six to nine months before staging a modest comeback at the end of next year. He says: “It would have been easy to conclude that the market was beginning a significant slowdown following last month&#39s fall in prices. One month on and the evidence of a slowdown is hard to find.

“Prices in the upper part of the London market have cooled in the last couple of months but across the rest of the market the evidence points to continued strong price rises.”


FSA wants public understanding

In light of recent speculation in Money Marketing and elsewhere, I would like to make it clear that the FSA has no plans to extend its role to offer investment advice to the public. Nor have we ever said we wanted to. We are, however, serious about promoting public understanding. We are exploring how tools […]

GAM grows a long Eastern hedge

Global Asset Management is heading East with its Asian hedge fund. Based in Hong Kong and domiciled in the British Virgin Islands, this is an offshore hedge fund aimed at the sophisticated investor looking for some exposure to the Asian market. It will aim to outperform the MSCI all countries Asia Pacific excluding Japan fund. […]

Canadian firm eyes UK market with legal fund offer

Canadian investment house Alpha Toronto is moving into the UK IFA market with an innovative new legal fund investing in “no win no fee” litigation. The fund offers a yield of up to 11.25 per cent a year over three years or 10.75 per cent a year over 18 months. Quarterly and monthly inc-ome options […]

Genesis – 5.49 Per Cent Fixed Then Discount

Wednesday, December 12, 2001.Type: Fixed then discounted rate mortgage.Fixed term: Two years.Fixed rate: 5.49 per cent.Discounted term: One year.Discount: 1 per cent.Minimum loan: £25,001.Maximum loan: Loans of up to 75 per cent of valuation subject to amaximum of £1m, 76-90 per cent subject to a maximum of £250,000,91-95 per cent subject to a maximum of […]


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