December sees house price increase
Recent news from Nationwide shows that house prices rose by 1.2% in December, bringing the 2006 annual rate up to 10.5%. The average house price in December was recorded at £173,746 compared to £172,185 in November. House prices are said to have increased three and a half times faster in 2006 than in the previous year, at a typical rate of £45 per day. House price growth in 2007 is anticipated to be between 5% and 8% and is said to be supported by a buoyant economy, stable interest rates and a continuing shortage of housing supply. Commenting on the 2006 house price increases, Fionnuala Earley, Nationwide’s Group Economist, said, ‘The stock to sales ratio – a good leading indicator of house prices – has continued to increase suggesting a few more months of firm price growth. However, we expect worsening affordability and recent interest rate hikes to affect the levels of activity in the market in the coming months. This will feed into a slower rate of house price growth in the second half of next year. The number of estate agents reporting an increase in new buyer enquiries fell back sharply in November, and while this is a more volatile indicator of house purchase approvals, it does lend some support to the view that we will soon see the start of some weakening in demand.’ With house prices continuing to rise, homeowners looking to move up the property ladder could consider taking out a secured loan which could be used to finance that extra bedroom or bathroom many look to gain by moving house. Secured loans are one of many options to improve property, and the opportunities to enhance current homes are endless.
A secured loan could provide the funds needed to extend and add more space for a growing family. Homeowners might decide to use a secured loan to extend upwards as well as outwards, to add that valuable extra space to their homes. Not forgetting the garden, a secured loan could also provide the funds required to add the final touches to the exterior of homeowners’ big improvement projects.A secured loan is just one of several finance options available to homeowners who wish to fund home improvements.
Related posts:
- House prices driven by London growth
New figures from property website Hometrack have revealed that house...
- House price increase indicates importance of home improvements
Fresh information from the Land Registry's latest residential property price...
- January marked the seventh consecutive month of house price rises
According to the Halifax House Price Index, house prices increased...
- Property price growth slows considerably
Property price inflation in the UK "cooled sharply" in April,...
- A noughty house price rise of 105 percent
According to Halifax, during the ‘noughties’ UK property prices increased...
