View more on these topics

London property falls as Northern prices rise

London house prices fell in September while Northern regions saw strong rises.

Market analysts Hometrack says the average price in central London fell by 0.2 per cent in September to £441,350 from £442,251 in August.

Its monthly survey of the housing market in England and Wales shows that overall price growth was 0.6 per cent, with the average national house price now £134,400 compared with £133,600 in August.

The biggest growth was in the North, where the average price increased by 1.2 per cent to £76,050 from £75,150.

Hometrack says it is again areas away from the more expensive South-east and the Home Counties which saw the strongest price increases.

Teesside led the way within the Northern region, with the average price rising by 1.6 per cent to £66,500 in September from £65,400 in August.

Hometrack says the national slowdown in growth in September shows the market is regaining some stability after unsustainable rates of inflation in the last six months.

Housing economist John Wriglesworth says: “Record low mortgage rates, rising incomes and restricted supply point to more house price rises to come, albeit at a more modest rate. We are now predicting 16 per cent price rises for this year and 8 per cent for 2003, which is still a booming market in comparison with current retail inflation rates. I am confident that there will be no 1990s-style housing market recession.”

Recommended

Professional Adviser Alliance will potentially get 15m new mortgage leads

The Professional Adviser Alliance, formed of intermediaries around the UK, has the potential to receive leads from 15 million Sky Active TV users as a result of a deal signed by its parent company, moneysupermarket.com. PAA says 15m digital satellite users will be able to search for mortgages and loans from home and can request […]

FSA launches overhaul of life insurance industry

The FSA is today publishing the report that sets out its proposals for the complete overhaul of the insurance industry.The FSA has carried out research that it says shows life offices have a significant ability to withstand further large falls in equity values from the level at which the exercise was commissioned. The survey was […]

Journey to the outsource

Until 2000, there was little real competition in the market for outsourcing in the UK financial services as there were few serious players. However, falling margins have forced insurers to consider the case for outsourcing seriously.Companies considering outsourcing fall into a number of categories:•New business with unpredictable volumes and the overhead of building the infrastructure […]

FSA confident that life offices can take strain

The FSA has moved to reassure investors and advisers that life companies are capable of withstanding the stresses of plummeting stockmarkets.But while the regulator says the companies can cope with further big falls, it would not give a figure as to the size of fall they could withstand.In the progress report from the Tiner Project, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment