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House Price Increase Does Not Herald Market Bottom

Posted April 6th by Nigel

March 2009 saw house prices rise 0.9% from February, according to the Nationwide Building Society.  This is the first rise in house prices since October 2007. 

The building society, which provides a substantial portion of UK mortgages, descried the increase as a ‘surprise bounce’; however, it subsequently warned against concluding that the market had turned or bottomed out, as this was only a very short term price rise.  A three month period is a much more realistic timeframe over which to make an assessment of market movement.

Fionnuala Earley, Nationwide’s Chief Economist, stated ‘while the rise in March is welcome, it's far too soon to say that the bottom in the market has been reached.’  She went on to state that the various measures put in place by the UK government to reduce the effects of the poor UK economy ‘will take time to work through into the housing market before we can expect a sustained recovery in house prices.’

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The views given in this blog are those of mortgages4me, a trading name of Smith & Pinching Financial Services Ltd, which is authorised and regulated by the Financial Services Authority.  These views are market and economic views and should not be interpreted as giving advice.  Whilst every care has been taken in producing this blog, Smith & Pinching Financial Services Ltd will not be held responsible for any inaccuracies, omissions or misquotations.  Registered office: 295 Aylsham Road, Norwich, Norfolk, NR3 2RY.

Registered in England No. 3487726. Registered Office, 295 Aylsham Road, Norwich, NR3 2RY. mortgages4me is a trading name of Smith & Pinching Financial Services Ltd, which is authorised and regulated by the Financial Services Authority. Our FSA registration number is 186616. You can verify this and other information by checking the FSA's register at their website www.fsa.gov.uk.

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