You are here: Home - News -

Market maintains momentum

  • 15/12/2003
  • 0
The House Price Index October 2003 from the Office of the Deputy Prime Minister has put the average ...

The House Price Index October 2003 from the Office of the Deputy Prime Minister has put the average house price in the UK at £161,365 with prices up 12.1% on the year before.

The figures also show the average price for first time buyers was £126,803. The index is to undergo a quality audit with a view to it becoming a national statistic next year.

Figures from the Halifax and Nationwide showed average prices in the UK up 14.1% and 15.2% respectively for the month of November.

Alex Bannister, group economist at Nationwide, said: “The housing market looks set to finish 2003 on a strong note and carry over much of the momentum into the early part of next year. Given the likelihood of a positive start to the year we expect prices to rise by 9% in 2004. Price growth in the second half of 2004 should slow as the one-off effects [favourable economic and labour market conditions] unwind and consumers adjust to higher interest rates and taxes, worsening affordability and a downward revision to their expectations for house price growth.”

Martin Ellis, chief economist at Halifax, added: “House prices rose by 1% during November and are now 14.1% higher than a year ago. The gradual easing in house price growth reflects a market returning to average house price rises after two years of exceptional increases.”


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Fears raised over reports of higher taxes

Rumours the Government may seek extra tax revenue from the housing market at the next Budget have be...