Halifax House Price Index April 2011 (1272G)
09 5월 2011 - 4:00PM
UK Regulatory
TIDM68FF
RNS Number : 1272G
HBOS PLC
09 May 2011
Halifax House Price Index
National Index April 2011
All Houses, All Buyers Index (1983=100)
Annual Change Quarterly Change Monthly Change
-3.7% -1.2% -1.4%
Standardised Average Price (seasonally adjusted) GBP160,395
Commenting, Martin Ellis, housing economist, said:
"The latest figures show that the underlying trend in house
prices continues to be one of modest decline. Prices in the three
months to April were 1.2% lower than in the previous three months.
There was a 1.4% fall in prices in April following no change in
March.
"Weak confidence amongst households, partly due to uncertainty
over the economic outlook, is constraining housing demand and
resulting in some downward movement in prices. Signs of a modest
tightening in housing market conditions, a relatively low burden of
servicing mortgage debt and an increase in the number of people in
employment are all likely to be providing support for house prices,
curbing the pace of decline. There are signs that house sales are
stabilising albeit at a level lower than the historical
average."
Key facts
-- House prices in the three months to April were 1.2% lower
than in the previous three months. This continues the modest
decline in prices recorded since the middle of last year on this
measure of the underlying trend.
-- The average UK house price in April was 1.5% lower than in
December 2010 on a seasonally adjusted basis.The current average
house price of GBP160,395 is 4% above its April 2009 low, but
remains 20% below its August 2007 peak.
-- Prices in April were 3.7% lower than a year ago as measured
by the average for the three months to March against the same
period a year earlier. This is the biggest annual decline since
October 2009 (-4.7%).
-- Modest tightening in housing market conditions. The ratio of
house sales to the stock of unsold properties on surveyors' books -
according to the RICS monthly survey - is a measure of market
conditions that has historically proved to be a good predictor of
short-term house price movements. This ratio increased slightly in
March for the second consecutive month, suggesting a modest
tightening in market conditions. Moreover, the ratio remains higher
than the levels recorded during the second half of 2008 and early
2009 when house prices fell sharply. A lower level of properties
available for sale largely explains why current market conditions
are tighter than in this period. (Source: RICS monthly survey,
March 2011.)
-- The low interest rate environment has reduced the burden of
servicing mortgage debt. Typical mortgage payments for a new
borrower have fallen from a peak of 48% of average disposable
earnings in mid 2007 to 29% in the first quarter of 2011. This key
measure of affordability is at a better level than the long-term
average over the past 25 years (37%) and is an important factor
supporting housing demand.
-- A recent increase in employment, particularly those in
full-time jobs, may have been an important factor supporting the
market. The number of people in employment increased by 143,000 in
the three months to February compared with the previous three
months, according to the latest figures from the ONS. This rise was
almost entirely due to a 140,000 increase in the number in
full-time employment.
-- House sales show further signs of stabilising. The number of
mortgages approved to finance house purchase - a leading indicator
of completed house sales - increased by 2% between February and
March on a seasonally adjusted basis, according to Bank of England
industry-wide figures. Approvals in 2011 Quarter 1 were also 2%
higher than in 2010 Quarter 4.
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
END
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