BOOM OR BLIP? yourmoney: Home prices up but 'trend is down'.Byline: CLINTON MANNING HOUSE prices rose by pounds 70 a day in May - the biggest pick-up for 19 months. It is the second increase in three months, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Nationwide Building Society. The 1.2% jump compared with expert forecasts of 1% fall and takes the average price to pounds 154,015. It also means the annual rate of decline has slowed from 15 per cent last month to 11.3 %. However, average prices are still 17 % below the peak of pounds 186,044 reached in October 2007, says Nationwide. And experts said it was too soon to talk of recovery. Howard Archer, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the at Global Insight, said he believes prices could fall another 12% to an average low of pounds 135,500 by this time next year. He blames rising unemployment and the fact that many first-time buyers in particular are struggling to get a mortgage. Nick Hopkinson, director of Property Portfolio Rescue, warned the data could be a "blip". He added: "Nationwide's figures must be viewed in the context of today's gridlocked grid·lock n. 1. A traffic jam in which no vehicular movement is possible, especially one caused by the blockage of key intersections within a grid of streets. 2. property market. "House sales are going to be the lowest on record this year, around 50% lower than any normal year. "So figures from one lender are based on a very small sample and likely to be erratic. In reality, repossessions are up significantly on a year ago and unemployment is rising." Even estate agents were reluctant to talk up the market. Simon Rubinsohn, RICS RICS Royal Institution of Chartered Surveyors RICS Royal Institute for Chartered Surveyors RICS Right Intercostal Space (medicine) RICS Return Inventory and Classification System RICS Range Instrumentation Control System chief economist, said part of the increase may be due to a shortage of property on the market. And he said the pick-up was confined to "some desirable locations".pounds 70 da day...the average house price rise in May |
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