The figures are for May, and they show no change nationally, but a 0.8% rise in London. That leaves the annual growth at just 1.8% nationally, 6.9% in London. Remember, these are based on completion figures (so, on the one hand, they're accurate; on the other, they represent deals done weeks earlier), so we're either looking at the very early stages of a significant house price crash, or something more like the house-price-stagnation-combined-with-general-inflation model that might, in the long run, be the healthiest thing for the housing market.
Oh, and here's Reuters, showing how not to report house price indices (lucky they're not tradable stocks)
Technorati Tags: London, property, real estate
The lack of liquidity remains the major problem see below statistic!
"The number of new mortgages approved for house purchase fell from 58,000 to 42,000 in May compared to the previous month, Bank of England data reveals.
The figure represents a 28% monthly drop and a 64% fall from May last year."
Property market will only resume trading as normal once the banks sort themselves out!
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