The latest reasearch from Acadametrics (UK’s leading housing market analysist) is out. So here are the top 7 facts about UK house prices you need to know…
1. Property prices rose 0.2% to £220,385 in December, but fell 0.5% annually
2. London’s property values are 3.1% higher than last year
3. Wales joins London as the only other region to show annual house price growth
4. Transactions in 2011 fell 2.1% year on year, but activity in the second half of 2011 was faster than the year before
5. UK Average House Price: £220,385
6. Monthly Price Change: Up 0.2%
7. Annual Price Change: Down -0.5%
Richard Sexton, director of e.surv commented: “The final month of 2011 saw a modest rise in prices, which rounded off a year of economic turmoil in which the property market showed remarkable resilience. Despite the growing fears of a debt crisis in the Eurozone, prices rose 0.7 per cent in the second half of 2011 and, with high inflation and reasonably static prices, this has helped make property more and more affordable.
“While transactions fell slightly in 2011 compared to 2010, the last five months of 2011 all saw higher activity than 2010, boosted by the increasing number of buyers eager to make the most of the affordable – if hard to obtain – mortgage finance coming onto the market.
“But despite prices showing such astonishing staying power, 2012 is set to be another tough year. With the global economy in a parlous state, the size of mortgage advances, which rose in the last 12 months by 3.5 per cent, could begin to decline.”
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