According to the Nationwide bank mortgage, the property prices in Britain rose by 0.5% for the month of December. Thus, throughout 2005, they are up 3%, which represents the lowest rate found over the past ten years. This shows a sharp slowdown from growth of 12.7% price increase in 2004. Moreover, these figures also reflect a certain stability in the market given the 2.4% seen in November.
This year seems to be the lowest for the UK market, real estate, and since 1985, when prices fell by 2.5%.
Regarding the average cost of buying a home in Britain, it is up 13 pounds per day this year to 157,250 pounds December against an increase of 50 pounds per day a year ago
Nationwide added for 2006 include a change in price between 0 and 3%. Fionnuala Earley
, an economist at Nationwide said that "if there is currently uncertainty about the economy, we still believe that the next decision on interest rates will lower them, and would probably take place early 2006." "But if the market reacted more quickly to reduce rates in August, we do not expect to make a start down the annual inflation of property prices to levels seen in early 2005."
(© 2005 AG Press)
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