Mortgage Industry News

← Back

Stability in UK mortgage market

Date: Wed, 30 Nov 2005

The latest industry figures suggest that the UK mortgage and housing market is remaining fairly stable.

The Nationwide house survey shows that property prices were unchanged in November, meaning the average house price stands at £157,139, just 2.4 per cent higher than in November 2004.

Although October's figures were high, it appears that the UK mortgage market is returning to a more expected period of stability, especially as there continues to be a slowdown in affordability.

Fionnuala Earley, Nationwide's group economist, said: "As we expected, the strong rebound in prices in October was temporary, driven by buyers postponing purchases until after the August base rate cut and the overall picture remains one of stability rather than acceleration.

She added: "November's data suggests that the market has settled back down to the pattern of small rises in some months and small falls in others, with prices overall growing only very slowly."

Ms Earley added that after a pause in summer the trend in house prices had now returned to a much steadier cooling pattern.


© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.