Halifax House Price Index (6372P)
06 Oktober 2011 - 9:00AM
UK Regulatory
TIDM68FF
RNS Number : 6372P
HBOS PLC
06 October 2011
Halifax House Price Index
National Index September 2011
All Houses, All Buyers Index (1983=100)
Annual Change Quarterly Change Monthly Change
-2.3% 0.1% -0.5%
Standardised Average Price (seasonally adjusted) GBP161,132
Commenting, Martin Ellis, housing economist, said:
"House prices in Quarter 3 (July to September) were slightly
higher than in Quarter 2 (April to June). The 0.1% increase between
the two quarters was the first quarterly rise since Quarter 1
2010.
"The more volatile monthly figures showed a 0.5% decline in
prices in September. This continued the mixed monthly picture
experienced so far this year with four rises, four falls and one no
change since January. This mixed pattern is consistent with a
market where prices are lacking genuine direction.
"Greater uncertainty about economic and personal financial
circumstances, together with pressure on householders' finances
from weak earnings growth, higher inflation and increases in taxes,
are likely to be constraining housing demand. Despite these
pressures, low interest rates and a rise in employment over the
past year, have been supporting the market, resulting in broad
stability in both prices and activity. We expect little change over
the remainder of this year."
Key facts
-- House prices in 2011 Quarter 3 (July to September) were 0.1%
higher than in the previous quarter. This was the first quarterly
rise since 2010 Quarter 1 (0.6%).
-- On a monthly basis, house prices fell by 0.5% in September.
There has been a very mixed pattern of monthly price movements so
far this year with four monthly rises, four falls and one month
when prices were unchanged.
-- The average UK house price in September was 1.0% lower than
in December 2010 on a seasonally adjusted basis, at GBP161,132.
-- On an annual basis, prices in September were 2.3% lower as
measured by the average for the three months to September against
the same period a year earlier. The annual rate is slightly lower
than in August (-2.6%) and continues the improvement seen since May
when prices were 4.2% lower annually.
-- Some signs of a slight pick-up in housing activity. Property
sales have been broadly unchanged during 2011 to date, remaining
within a narrow range around 70,000 per month on a seasonally
adjusted basis, according to HMRC figures. The industry-wide number
of mortgages approved to finance house purchase - a leading
indicator of completed house sales - increased for the fourth
consecutive month in August, to 52,400 on a seasonally adjusted
basis, according to the latest Bank of England figures. This was
the highest since December 2009.
-- Higher employment and low mortgage rates are likely to have
been important factors supporting the market. The number of people
in employment in the three months to July was 24,000 higher than a
year earlier, according to the latest figures from the ONS. Typical
mortgage payments for a new borrower have fallen from a peak of 48%
of average disposable earnings in mid 2007 to 26% in 2011 Quarter
3. This is significantly below the average of 37% over the past 25
years and is at its lowest since 1997.
The Halifax House Price Index is prepared from information that
we believe is collated with care, but we do not make any statement
as to its accuracy or completeness. We reserve the right to vary
our methodology and to edit or discontinue/withdraw this, or any
other report. Any use of this report for an individual's own or
third party commercial purposes is done entirely at the risk of the
person making such use and solely the responsibility of the person
or persons making such reliance. (c) Bank of Scotland plc all
rights reserved 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
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