Nationwide data for April highlights that house price growth went up again. Britons just do not stop buying houses it appears, with April figures showing that house price growth has gone up again.
In April house price growth rose to 10.2% with the monthly rise doubling compared to last month's 0.9%.
The average house now costs £180,314, £16,741 higher than April 2006.
But despite strong rises, and the prospect of interest rate hikes to come, Nationwide is not predicting a house price crash.
Latest quarterly figures from Nationwide highlight that house prices increased just 2% between February and April, their lowest quarterly growth rate since August.
Nationwide also does not consider that there is going to be a house price crash.
Some experts consider that the market is going to fall as affordability is stretched, particularly for first time buyers .
Simplistically put, a return of the house price to earnings ratio back to its long term average would mean a 40% decrease in house prices.
The UK is not building sufficient homes to meet housing demands and mortgage payments as part of take home pay suggest interest rates could go up by over 2% before affordability becomes as stretched as in the late 1980s.
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April House Prices Soar Away
Thu, 26 Apr 2007
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