House Price Rise Prediction - 31.10.05

UK Mortgage News

The Chief Economist at HSBC has injected a bit of positive good news into the ailing property market. He has said that "Given the drop in mortgage interest rates and the rise in employment, we would expect a small rise in house prices in October. A rise of 0.02 per cent on the month would push the annual rate up from 1.8 per cent to 2.1 per cent, the first rise since July 2004". Housing transactions have jumped to a 15 month high of 153,000 in September. Other figures suggest that the housing market activity continues to run well above last years levels. The Bank of England are also expected to reveal 110,000 new mortgages and this woudl be the highest since June 2004.

This good news runs alongside other more positive figures regarding consumer confidence, although improvements are said to less bouyant than those reported in the first part of the year.

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