Press Release

By: Capital Fortune  05/08/2009
Keywords: financial services, mortgage, Property Mortgages

House Prices Further Surge

U.K. House prices have surged again according to mortgage broker Capital Fortune.

Citing new figures today published by the Halifax and supported by a 36% increase in enquires to it’s Online Mortgage Service, predicts that activity in the British housing market is likely to increase in the coming months as the number of mortgage approvals for house purchases rose to their highest level in more than a year in June and July.

Rob Killeen, Business Manager at the independent mortgage advisers suggested that new purchasers are clearly re-entering the housing market and this trend has been assisted by the historic low level of interest rates.

But, he warned that if current prices continue to rise at this rate it will once again reach the danger point of not being supportable though earnings, rents and general economic uncertainty.

Political and economic commentators maintain that given the expected rise in unemployment to well over £3m, it is unlikely that house can be sustained for long at the very strong rate observed over the last few months.

House prices have been remarkably resilient so far this year, despite a recessionary economic background with sharply rising unemployment.

According to the , house prices rose a further 1.1% from June. This further confirms last week’s announcement by Nationwide that prices rose 1.3% month-on-month in July after climbing a revised 1% the previous month.

Prices had been falling since April 2008 on an annual basis and from June 2008 to June 2009 there still remains an overall 15% fall.

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