Housing market remains unaffected by the global credit crunch.
UK house prices have stabilised and the housing market remains largely unaffected by the global credit crunch.
That is according to Assetz, which has published its latest House Price Watch.
The document reveals that annual house price growth was recorded as 5.5 per cent in January, although month-on-month figures were down slightly.
Assetz said that the £673 average reduction in house prices between December and January is nothing more than the housing market stabilising and is a minor drop considering the conditions in the financial markets.
“A very minor decline in the average UK house price in January shows the market is probably levelling off,” commented Stuart Law, Assetz chief executive.
“This indicates the buoyancy of the UK residential market and is evidence that the downturn seen in recent months is simply part of a stabilisation process and not a market crash as has been touted by some.
“Prices are already starting to increase in some indices and the latest indicators point to a sustainable level of growth for the foreseeable future,” he added.
The Assetz House Price Watch takes on data from the leading UK house price indices.
Source: http://www.mform.co.uk/news/article.php?key=15916&rss=google
