Wednesday, July 21, 2010
Category:
Home Improvements
According to figures released by Nationwide, June saw a 0.1 percent increase in the value of a typical UK property. Furthermore, it has been reported that the annual rate of house price inflation has fallen from 9.8 percent to 8.7 percent.
Nationwide's Chief Economist, Martin Gahbauer, commented: "The month of June presented a picture of broad stability for the housing market. The price of a typical UK property rose by a seasonally adjusted 0.1% month-on-month (m/m), following a 0.5% increase in May. The smoother 3 month on 3 month rate of change rose marginally from 1.7% to 1.8%. By contrast, the annual rate of house price inflation dropped for the second consecutive month from 9.8% to 8.7%, reflective of the fact that house prices were increasing at a faster pace this time last year. Barring a significant pick-up in house prices over the next few months, the annual rate of inflation should continue to drift lower, in light of the very strong price increases recorded during the summer of 2009. Over the first half of 2010, UK house prices have risen by a cumulative 3.0%.
"Recent indicators point to an increase in the supply of property coming to the market for sale, perhaps in response to the abolition of HIPs in the opening days of the new coalition government. With the level of demand remaining broadly stable, this would in part help to explain the recent slowdown observed in the rate of house price inflation."
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Homeowners who have recently moved into a new property, but do not have the money required to redecorate it in accordance with their own personal tastes, could investigate taking out a secured loan. One of many finance options available, a secured loan for
home improvements could pave the way to that ideal home. Prior to redecorating, borrowers may even decide to embark upon larger scale projects such as adding an extension or conservatory to their new property to create extra living space.
