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Housing market “set to beat double dip”

Friday, 3 August 2012 1:27 PM

House prices have risen 4.7 per cent this year to reach an average of £205,309, according to an analysis that combines five different indices.

The second quarter house price watch from property firm Assetz says prices rose 0.7 per cent in June and 2.3 per cent in the year to June. However , the pace of increase has accelerated in the last six months and the average price is now the highest recorded since June 2008.

The house price watch combines results from Academetrics, the Department of Communities and Local Government, Nationwide, Halifax and Rightmove and Assetz claims the result is less volatile than the individual indices themselves.

The annualised average rate of growth for June was 8.6 months, while the annualised rates for three, six and 12 months are 6.5 per cent, 9.6 per cent and 2.3 per cent respectively. Prices have been rising every month on an annualised basis since September 2011.

Stuart Law, chief executive of Assetz, said the property market seemed to have more positive drivers than the economy as a whole, where GDP fell by 0.7 per cent in the second quarter.

He said: “All of the figures in the latest House Price Watch point to positive annual growth this year with no ‘double dip’ in the forecast. The market is in fact outshining price performance in the first half of 2011 which went on to see price growth of 0.5 per cent for the year as a whole, further dispelling this myth. However, the latest economic figures could still dampen activity in the third quarter.”

He added that the government’s Funding for Lending scheme could help provide some of the capital the market needs. “The ongoing trouble in the Eurozone had threatened to cause many lenders to tighten their belts but several banks and building societies have opted to cut their rates in July, further boosting the market this year. We expect to see annual price growth of three per cent in 2012 comfortably achieved.”

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