The unexpected “mini-boom” in house prices continued in September, according to the latest official figures, but analysts have said that a slowdown in the pace of the recent rebound has begun. Figures from the Land Registry showed a rise of 0.9 per cent in prices last month, taking the price of the average house in England and Wales to £158,377 and bringing the annual decline to 5.6 per cent. However, estate agents have said that transaction levels remain low and have sunk further in the first few weeks of October as homebuyers and sellers begin to hunker down in the run-up to Christmas. Rightmove reported that the number of new listings had fallen to 94,629 in October, from 105,924 in September, and the Royal Institution of Chartered Surveyors reported slight softening in demand last month.
House price mini-boom slows as Christmas looms - Times Online House prices will be subject to further extreme pressure in 2010 to 2012 - due to mortgage rates increasing and tightening of lender criteria, combined with continued rising unemployment and difficulty in obtaining all forms of credit. This however will lead to further stock shortages - and Freehold will benefit most with highest price rises - new builds will suffer biggest falls. BY end Dec 2009 around another 200,000 will move onto lower lender variable rates and see mortgage falls, offset by many coming off traacker rate and experiencing higher mortgage repayments. 2010 - Will be the rollercoaster from hell for property and mortgages - but a dream for an overseas buyer in cash or owner selling in prime central London as lack of stock will increase house prices - and there may be fewer transactions post April 2010 as 50% Tax kicks in.