Hennessy Bowie Solicitors News
Hennessy Bowie & Co has been practising in Bishopbriggs for some twenty five years, principally in the areas of domestic conveyancing, commercial conveyancing, commercial leasing, executries and matters relating to care for the elderly,
Latest Halifax House Price Index
Halifax has recently released its House Price Index for April, which shows that house prices in the latest three months (February - April 2014) were 2.3% higher than in the preceding three months (November 2013 - January 2014).
The Index has also revealed that:
- Prices in the three months to April were 8.5% higher than in the same three months the previous year.
- House prices fell marginally by -0.2% in April. This was the second successive monthly price fall and the third in the past six months. Monthly movements, however, can be volatile and the quarter on quarter change is a more reliable indicator of the underlying trend.
- Both home sales and mortgage approvals have reduced in volumes. Home sales decreased by 5% for the first time in ten months in March to 106,070; but still remain 29% higher than in March 2013. In March mortgage approvals for house purchases – a leading indicator of completed house sales – fell for the second month in succession to 67,135. Approvals are 12% below their recent peak in January and at the same level as seen in September last year.
- The difference between housing demand and supply of properties coming on to the market continues to grow. New buyer enquiries have remained steady so far in the first three months of 2014, but still significantly lower than in the second half of last year. However, the number of homeowners providing instructions to put their property on the market for sale declined for the third consecutive month.
"Although mortgage approvals have now declined for two consecutive months and property transactions fell in March, on an annual basis housing demand still remains strong,” commented Stephen Noakes, Mortgages Director. “Housing demand continues to be supported by an economic recovery that is gathering pace, rising consumer confidence, low interest rates and wage growth finally beginning to outgrow consumer prices.”
“However, with supply of properties being slow to respond to market conditions, stronger demand in the past year has resulted in upward pressure on house prices," he added.
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