U.K. house prices remain static

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Source: Dukascopy
© Dukascopy
“Sentiment towards major purchases is depressed”- Robert Gardner, chief economist at NationwideImpact: HighHouse prices in U.K. edged higher 0.1% to £166,256 in September, while quarter on quarter figures have remained static, said the Nationwide Building Society on Thursday. "Providing the UK recovery gradually gathers momentum in the months ahead, we continue to expect house prices to move sideways or to drift modestly lower over the remainder of 2011 and into 2012," said Robert Gardner, chief economist at Nationwide."Sentiment towards major purchases is depressed, as a result of weak labour market conditions and ongoing pressure on household budgets from above-target inflation," added Mr. Gardner. “Downside risks have increased as U.K. and global growth prospects have weakened. There is also a risk that, if the euro-zone situation continues to deteriorate, it could affect the cost and availability of credit.”"The current financial market turmoil and heightened concerns over the domestic and global economies are unlikely to do much for consumer confidence and willingness to commit to buying a house, in the near term at least. These factors are expected to outweigh the support to the housing market coming from extended very low interest rates, so we forecast house prices to fall by about 5% from current levels by mid-2012," said Howard Archer at IHS Global.
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