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Monthly Housing Bulletin from the Homes & Communities Agency
13 October 2009
The Homes and Communities Agency has published its latest Housing Market Bulletin.
Key points:
- The housing market has started to see house price rises over the past few months and both the Halifax and the Nationwide recorded house price rises in August.
- House prices remain 19.4% off their August 2007 peak according to the Halifax. It is unclear whether the current upturn will be sustained or there will be a 'double dip' once the Bank of England’s Bank Rate climbs from its current record low of 0.5%.
- According to the Council of Mortgage Lenders there were 56,000 loans for house purchase in July, up 19% on a year earlier the first time lending for house purchase was up on a year ago for two years. However, mortgages approvals fell back slightly in August according to the Bank of England after rising for nine months.
- Asking rents are now at their highest level for six months and have started to recover as house prices rise again and so some owners who reluctantly become landlords in the housing market downturn sell up.
- The UK continued to be in recession with GDP falling by 0.6% in Q2 2009 after falling 2.5% in Q1 2009 and unemployment reached 7.9%.
- Housing Associations are facing a loss of income as their rents track the RPI each September which is now negative so some are now selling off properties.
- Repossessions fell 9% between Q1 and Q2 2009 according to the FSA.
- 10,650 applicants were accepted as owed a main homelessness duty in Q2 09, 32% down on Q2 08.
Click here to download the full bulletin in pdf format.
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