Legal News
Property Price Stagnation Expected To Continue, According To Nationwide (3 January 2012)
Date: 03/01/2012
Property prices in the UK are expected to remain unchanged in 2012, according to Nationwide. The building society has claimed that the average value of a property increased by one per cent in 2011 and has predicted a similar outlook for 2012. Robert Gardner, a chief economist at Nationwide, claimed that the one per cent increase in property prices recorded in 2011 could not be described as strong but has told of how the housing market has remained “resilient”, despite the state of the economy. Mr. Gardner has predicted that the performance of the housing market in 2012 would not prove to be any better than of 2011.
According to data from Nationwide, the average UK home is worth a value of £163,822. However, the housing market does not remain the same across the whole of the UK and looks different when compared by neighbourhood alone. In the last three months of 2011, the yearly property price change in the UK in ten of its 13 areas ranged between an increase of two per cent and a reduction of two per cent. However, Northern Ireland experienced an 8.7 per cent reduction in property prices in 2011 and London witnessed a 5.5% increase in property prices during the same period, according to Nationwide's statistics. Figures from the Land Registry reveal starker regional fluctuations. Overall, the Land Registry claimed that property prices in England and Wales had fallen by 1.9 per cent in 2011 to November the 30th.
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