english property prices in year on year growth in november says govt figures
News Posted On: 14 January 2010
According to the Department for Communities and Local Government index, AKA the UK government index, prices of property in England are still rising, or they were in November anyway. According to the index England property prices were 0.6% higher last November than the November before. This was the first year on year increase recorded by the DCLG index.
According to the Land Registry index for November house prices rose 0.9% on the month, but were still 0.3% lower than the previous year. The indices of Nationwide and Halifax are much further forward and both have shown 2009 as a year where house prices in England grew strongly.
However, it is not all good news. The rises are fuelled by the government stimulus, and as is the debate the world over, housing market analysts wonder how long prices can continue rising after the government takes its foot of the economic stimulation pedal.
There are many conflicting opinions on this. Perhaps most notably on the bearish side are forecasts from Savills and Jones Lang la Salle for a 2010 fall in house prices of more than 5%. And most notably on the bullish side forecasts from Chesterton Humberts and the Center for Economic and Business Research both forecasting growth of more than 2% this year.
"Over the longer term, the weak recovery will continue to hold growth back, but we still expect house prices to be around 15% higher at the end of 2012 than they are today," said CEBR's managing economist, Ben Read.
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