House prices are still rising, yet not as fast.
Nationwide data shows that house prices went up 0.7% in September to an average of £184,723.
The annual growth rate was 9%, the lowest since October 2006.
House prices are still growing and seem to be shrugging off troubling events of the last month.
Altogether, house prices have defied recent gloomy predictions, yet growth is slowing.
The three-month to three-month on rate of price growth has slowed from 2% cent to 1.6%. This is the lowest recorded level since since July 2006.
Despite the credit crunch, banks are willing to lend to each other at high interest rates . This situation has yet to hit the housing market.
Moreover, mortgage rates are increasing faster due to the liquidity crunch which has pushed up money market interest rates. The Northern Rock crisis could have shuffled confidence as well increasing consumer wariness when purchasing a house.
No decrease in prices are anticipated due to lack of new properties entering the property market. This means that sellers in numerous areas still have a level of pricing power. The number of homes that are sold due to owners' finances being over- stretched is presently low.
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House Price Rises Reduce Credit Worries
Thu, 27 Sep 2007
Recommended links
House Prices Decline by 2.6 per centUK To Fare Well in Credit Crunch Storm
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Biggest Housing Market Slowdown in 18 Months
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