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House prices at lowest level, says Hometrack

  • 04/11/2002
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House price increases fell to the lowest level since January this year, according to the October sur...

House price increases fell to the lowest level since January this year, according to the October survey from Hometrack .

The national housing market saw a 0.5% national rise in prices, 2.1% lower than May’s high and the lowest increase since January, although house prices for the year are still on track to have risen 15% by the new year.

Prices rose across all counties in October, with the exception of Central and East London (-0.2% and 0%) and Wiltshire (-0.1%). The strongest areas of the country are Teeside and Nottinghamshire, with rises of 1.5% and 1.3% for the last month respectively.

John Wrigglesworth, economist at Hometrack, said: ‘Continuing low mortgage rates, rising incomes and restricted supply in certain areas point to more rises to come. We are predicting 15% rises for this year and 8% for 2003, still a booming market. I am confident there will be no 90s style housing market recession.’

The London market is now a ‘tale of two cities,’ according to Hometrack. High price boroughs are showing significant falls in prices, while outer boroughs are recording rises.

Tower Hamlets recorded the greatest fall, at -0.8%, and Hillingdon the greatest rise at 1.2% over the last month. There has been a sharp drop in excess demand, with only a 0.2% rise in new buyers, but a 9.2% increase in properties available.


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