Sales are still low, with an average of 35,848 per month
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House prices in England and Wales rose by 1.7% in July – the biggest leap since 2004
Every region recorded a monthly rise in prices according to the Land Registry, with the average home valued at £155,885, the analysis found.
But prices were still 11.7% lower in July than they were in July 2008 and sales were down. The sharpest decline was in the North East of England where prices fell 13.2%.
The rise in house prices overall is bad news for tenants, who have seen rent levels increase again. However, the number of sales still remains quite low, with an average of 35,848 sales per month between February and May this year, compared with 61,743 in the same period last year.
The housing market slump was worse for the owners of flats and terraced homes, as the value of terraced properties fell by 12.9% and flats by 12.7% in July compared with the same month in 2008. Detached homes fell by just 10.2%, whilst semi-detached homes fell by 11.3%.
COMMENTS
In good times the housing market may just be about supply and demand. I know it from research papers. But in bad times (like now) there are other considerations; like credit card debt. Householders have gone deep into debt and some will be forced to sell their homes. It is a UK problem that is significantly worse than it is in America.
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