House prices are 'recovering slowly'
House prices are 'recovering slowly'
Wednesday 28th October 2009
House prices are making a slow recovery, experts have said, following Land Registry figures which show prices have risen by 0.9 per cent.According to today's statistics the average price of a home rose from August to September, and now stands at £158,377.
September marked the fifth consecutive month of price rises, despite an annual fall of 5.6 per cent in comparison to the same month a year earlier. The annual drop, however, was much more positive than the minus 16.3 per cent mark it reached in February.
David Whittaker, managing director of Mortgages For Business, said: "This is yet another indicator showing the housing market in recovery but we shouldn’t be getting over excited.
"Increasing prices create the need for larger mortgages and with lending criteria as tight as they are this will rule out more people trying to secure a mortgage. Of course this means more people will have to remain in the private rental sector which is great news for landlords.
"But lenders still owe the tax payer a huge amount for providing a rod for their backs when times were tough, the least they can do is begin to return the favour and support the recovery."
The Land Registry's statistics found London experienced the greatest monthly rise, up 1.3 per cent. Neath Port Talbot was the area hit worse by falling prices, witnessing an annual drop of 18.7 per cent.
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