House Prices Further Surge
U.K. House prices have surged again according to mortgage broker
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
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
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.