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Tuesday, June 19, 2012

UK property prices flat-line

During the 12 months leading up to  April 2012, UK property prices pretty much flat-lined according to data just published by the Office of National Statistics shows, which showed growth of just 1.4 % over the year.

England's tiny growth  of 1.7% was canceled out by declines in Scotland, Wales and Northern Ireland of  0.3%, 1.1%, and 8.1%.

The majority of England's increase was driven by the were driven by a 4.9% rise in London, and other lesser increases across the rest of the South of England. The Midlands and the North saw small declines.

Let's hope the English team fares a little better in tonights final euro group game.

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1 comment:

Paul Ribbons said...

It’s difficult to predict this year’s price index and it depends on certain indicators. There are two scenarios and the first is heavily dependent on the European and worldwide banking crisis. There is talk amongst the economic world that we could be heading for similar times, from the summer onwards, equivalent to those of 2008 within the banking industry. If this occurs I believe we could see a sharp dip in prices in certain areas. Price drops could be as much as 10% over a period of 3-6 months. I then believe it could happen quite quickly as a result of the cash flight from European to British banks as it seems a safe haven. The second scenario is due to a lack of supply and extremely low interest rates if the banking crisis doesn’t affect us our market will remain stable and nationwide could be as low as -1 to +1%. Unless we see a substantial increase in repossessions (which will only happen if rates rise dramatically and this is unlikely in 2012).