This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-27223956
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Annual house price growth hits double digits, says Nationwide | Annual house price growth hits double digits, says Nationwide |
| (35 minutes later) | |
| Annual house price growth in the UK has hit double digits for the first time in four years, the Nationwide has said. | |
| In the year to April, prices rose by 10.9%, the first annual double-digit growth since April 2010 and the fastest rate since June 2007. | |
| The news may scotch other suggestions that the housing market has been cooling over the last few months. | The news may scotch other suggestions that the housing market has been cooling over the last few months. |
| This week the Land Registry - which records actual sales - said prices fell by 0.4% in March. | This week the Land Registry - which records actual sales - said prices fell by 0.4% in March. |
| But the Nationwide believes prices have now resumed their upward trend. | But the Nationwide believes prices have now resumed their upward trend. |
| "After several months of moderation, the pace of house price growth picked up in April, with prices rising by 1.2% during the month," said Robert Gardner, Nationwide's chief economist. | "After several months of moderation, the pace of house price growth picked up in April, with prices rising by 1.2% during the month," said Robert Gardner, Nationwide's chief economist. |
| Nationwide said the average UK house price now stood at £183,577. | |
| New rules | New rules |
| Once again, the figures hide a sharp contrast between London and the rest of the UK. | Once again, the figures hide a sharp contrast between London and the rest of the UK. |
| Prices in the capital are now about 20% higher than they were before the financial crisis of 2007-08, said the Nationwide. | Prices in the capital are now about 20% higher than they were before the financial crisis of 2007-08, said the Nationwide. |
| But prices in the rest of the country are still around 2% lower than their pre-crisis peak. | But prices in the rest of the country are still around 2% lower than their pre-crisis peak. |
| Some experts believe prices might once again moderate over the next few months, following the Mortgage Market Review by the Financial Conduct Authority. | Some experts believe prices might once again moderate over the next few months, following the Mortgage Market Review by the Financial Conduct Authority. |
| This imposes stricter rules on lending, with borrowers facing a series of stringent questions about their spending habits. | This imposes stricter rules on lending, with borrowers facing a series of stringent questions about their spending habits. |
| People for whom a mortgage is judged to be unaffordable may be refused a loan altogether. | People for whom a mortgage is judged to be unaffordable may be refused a loan altogether. |
| "However, underlying demand is likely to remain robust, as mortgage rates remain close to all-time lows, and as consumer confidence improves further," said Mr Gardner. | "However, underlying demand is likely to remain robust, as mortgage rates remain close to all-time lows, and as consumer confidence improves further," said Mr Gardner. |
| 'New Home Zones' | 'New Home Zones' |
| Meanwhile, a separate report claims that house prices in England could double over the next 10 years. | Meanwhile, a separate report claims that house prices in England could double over the next 10 years. |
| Average prices could hit £446,000 by 2024, said the study by accountancy firm KPMG and the housing charity Shelter. | Average prices could hit £446,000 by 2024, said the study by accountancy firm KPMG and the housing charity Shelter. |
| The report also claims that by 2040 more than half of 20 to 34 year-olds will still be living with their parents, if current trends continue. | The report also claims that by 2040 more than half of 20 to 34 year-olds will still be living with their parents, if current trends continue. |
| "For many people, particularly those in their twenties, the aspiration of owning their own 'castle' is fast becoming a fairy tale," said Marianne Fallon, UK head of corporate affairs at KPMG. | "For many people, particularly those in their twenties, the aspiration of owning their own 'castle' is fast becoming a fairy tale," said Marianne Fallon, UK head of corporate affairs at KPMG. |
| "We also know, as an employer of 12,000 people, that an unstable housing market affects our ability to attract and retain talent," she said. | "We also know, as an employer of 12,000 people, that an unstable housing market affects our ability to attract and retain talent," she said. |
| The report calls on the next government to boost the supply of affordable housing. | The report calls on the next government to boost the supply of affordable housing. |
| Among the measures it recommends are the setting up of "New Home Zones", which would be self-financed by rising land values. | Among the measures it recommends are the setting up of "New Home Zones", which would be self-financed by rising land values. |
| And it suggests the setting up of a National Housing Investment Bank to issue loans for housing providers. | And it suggests the setting up of a National Housing Investment Bank to issue loans for housing providers. |