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Latest Index Confirms Robust House Prices

23rd April 2008 | back to article listings BACK    print this article PRINT

Stuart Law, Chief Executive of Assetz, comments on the latest Rightmove index, which has recorded a 0.1% fall in property prices in April 2008:

“The latest from Rightmove reaffirms the figures published in our recent House Price Watch, showing that prices are flatlining - not falling with any significance, and that the house price indices do not indicate any form of house price crash.

“The average house price taken from across all major UK indices (as recorded by the official Assetz House Price Watch) has actually risen since January this year (0.1%). Taking a wider perspective, average prices recorded over three and six month periods show a steep rise up to the peak in October last year, before the current stall at around 0% growth.

“The next direction, up or down, will depend on how quickly the mortgage market responds to the Bank of England’s recent intervention. There is no instant fix to the current issues in the mortgage market and the current expense and limited availability of loans is likely to continue in the short-term. It will take a few months to stabilise but I expect a return to a risk-averse form of lending normality around September, by which time the mortgage market will have adjusted to the recent cash injection and become considerably more liquid.”

 

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