Has 2011 been a better year? (video)
It’s been a few years now since house prices turned around and started to fall. Many people have wondered if the market has now bottomed out and one would have expected that after three years things would have really turned around. Actual figures do show that the market is suddenly up of its bottom with average house prices now standing at a £163,000. At the height of the economic crisis we witnessed dramatic price falls and properties being sold through auctions at almost half their market value. This was because some of the largest corporations in the world like the banks and also insurance companies where going bust and vanishing before our very eyes. General consumer’s where losing savings that they had at the bank and people were wondering whether they should keep their money under their beds. This fear appears to have now gone away, prices are now officially off of the bottom but for now don’t appear to be moving any higher.
House prices may not rise as they used to
Just last week it was reported that the national house price average retracted back 0.2% for April and in general prices have remained flat now for the last four months. Nationwide ‘s Chief Economist even stated that he believes prices will remain flat for the remainder of the year. There are also signs of green shoots springing up in certain wealthy areas such as London. Where house prices have increased month on month now standing at 6% higher than this time last year. Those green sheets are promising but at the end of the day the rest of the country is still stagnant. It appears that just for now prices are bouncing up and down of the bottom and because of this people are starting to realise that house prices may not rise in the same fashion that they used to in the good old days.
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