Press Room
Land Registry Provides Further Evidence Of Slowing Downturn
LAND REGISTRY PROVIDES FURTHER EVIDENCE OF SLOWING DOWNTURN
Steve Lees, Head of Marketing at email4property.co.uk, comments on the Land Registry house price index, released today: "Land Registry has now joined all the other major house price indices in recording a slowdown in annual price falls. Whereas mortgage approvals and asking prices have increased variably throughout the market for some months now, on a month-by-month basis, the first recorded monthly increase by Land Registry in June provides evidence of a price floor being reached at a more visible ‘street’ level, with re-sale values now appearing to hold.
“While few people expect a swift return to robust positive price growth, the figures offer another encouraging sign that the sustained price decline has abated, and that overall house prices can remain supported at their current level. From this point on, any improvements in mortgage affordability could see a return to tentative upward price growth.
“The supply/demand imbalance has already returned in some parts of the country. Land Registry’s latest figures show strong positive price growth in London in June, supporting wide scale reports from local agents of increasing buyer registrations and insufficient levels of stock to meet growing demand in the capital.”
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Article date: 7/29/2009 12:00:00 AM