House prices fall and rise!

Grovelawn Financial News 09/11/2007

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Lenders disagree on figures

Two of the UK's leading lenders have published figures that seem to contradict each other. Halifax have released figures that show the UK's house prices have fallen for the second time in a row. The last time a fall occured twice in a row was during 2005. The UK's biggest mortgage lender's survey indicates a market slow down as many have predicted, by taking the annual three month rate of house price inflation to 8.9 per cent from 10.7 per cent and the average house price to £197,248. It said house prices fell 0.5 per cent in October and a fall of 0.6 per cent in September.

Nationwide, however, produced figures at the beginning of November which showed an unexpected rise of 1.1 per cent in house prices during October. Mortgage approvals have fallen and many home owners are holding off until they remortgage hoping the rates will be cut. The decision by the Bank of England to resist presure to cut the rate from 5.75 per cent has not caused too much surprise as analysts agreed it would be unlikely.

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