Bank Lending Rate
It has been confirmed that the Bank of England Monetary Committee have decided that the Bank Base Rate is to remain at 0.5% for a further month. It has been at this level now since 05th March, 2009.
Source: Bank of England
Mortgage Lending by the Major UK Lenders
According to data from the major UK lenders, (which comprises Banco Santander, Barclays, HSBC, Lloyds Banking Group, Nationwide and Royal Bank of Scotland) the flow of mortgage lending by all UK-resident mortgage lenders increased in November – up £0.2 billion to £1.3 billion for net lending, and gross lending up from £9.1 billion to £9.8 billion in the month.
Total mortgage approvals for house purchase have slightly increased – up from £5.4 billion in October to £5.6 billion in November. Remortgaging has also seen an increase, from £2.9 billion in October to £3.3 billion in November.
Source: Bank of England
Land Registry Average Property Prices in England and Wales
The Average Price of a property in England and Wales is £164,773 as at the end of November, 2010.
Source: Land Registry
Percentage Changes of Property Prices in England and Wales
The Monthly change in November in England and Wales was -0.6%.
The Annual change to November in England and Wales was 2.2%.
Source: Land Registry
RICS survey overview.
The RICS Housing Market Survey for November says that the housing market is still slowing. Both supply and demand for property continues to fall. Every region of the UK has seen falling prices, with the West Midlands and Northern Ireland being the worst. The South West is the only region to have seen an increase in sales in November.
Source: Royal Institute of Chartered Surveyors
New Mortgages granted
October’s data from the Council of Mortgage Lenders shows lending for house purchase and remortgages in decline. There were 46,000 house purchase loans made in October, worth £6.7 billion. This is 16% lower in number (12% lower by value) than October 2009.
Remortgaging loans numbered 26,000, worth £3.1 billion. This is 21% by number and 24% by value lower than the previous October.
17,000 first-time borrowers had their loans approved, worth £2 billion. This is down 19% by number and 17% by value on last year.
Source: Council of Mortgage Lenders
Regional trends in Rightmove Estate Agents Asking House Prices in England and Wales.
The only increase in December is in the North, where the average asking price is up by just 0.2% to £145,898. which is 4.2% higher than December 2009. This is the largest annual regional increase.
Largest decrease in asking prices by Rightmove registered estate agents in December is the West Midlands, where the average asking price is down by 6.1% to £176,376, and is now 2.6% lower than in December 2009.
Over the year to December 2010, the largest decrease in house asking prices has been in East Anglia, which has seen asking house prices fall by 6.2% to £205,759.
Source: Rightmove
Halifax House Price Index figures.
The average price of a house by the end of November was £164,708. House prices in November were 0.1% lower than in October. The quarterly figure showed a 2.1% drop. The figures show that house prices are 0.7% lower than this time last year, measured by the average for the latest quarter against the same period a year earlier. However, the average house price is still 6.5% (£10,045) higher than it was in April 2009.
Source: Halifax
Nationwide House Price Index figures
December’s figures published on 31st December showed that the average cost of a home in the UK dropped by just under £700 to £162.763 during the month, a fall of 0.4%. Once the figures are seasonally adjusted, however, the figure is a rise of 0.4%, as December is always a weak month. The annual rate of increase still stands at 0.4%.
Source: Nationwide
Rightmove House Price Index figures
Rightmove’s survey shows the asking price of a typical UK property in November is £222,410, a fall of 3.0 % this month. House asking prices are now only 0.4% higher than a year ago.
Source: Rightmove
Next Monthly Market Fact File due at the beginning of February.