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DATA SNAP: UK House Prices Rise For Fourth Straight Month

 
   By Ilona Billington 
   Of DOW JONES NEWSWIRES 
 

LONDON (Dow Jones)--U.K. house prices rose for the fourth straight month in November as a low supply of suitable properties continues to push prices higher in some U.K. regions, a monthly survey showed Monday.

Hometrack's house price survey showed house prices rose 0.2% on the month in November and fell 2.9% on the year.

That compared with a 0.2% monthly gain and a 4.2% decline on the year in October.

And, the property data and research firm also reported that sellers are now achieving an average of 93.2% of the asking price. That is up from 92.9% in October and a low of 88.3% around the beginning of the year.

However, the survey also found that the number of new buyers registering with estate agencies remained at a very subdued level in November, rising just 0.1% from October--that is down from a peak of 7.5% in the spring and early summer of the year and suggests that the pentup demand which has helped to push house prices higher could now be easing.

"The pickup in market activity over 2009 has been driven by rising demand, yet the latest survey shows that new buyer registrations grew by the lowest level since the start of the year," said Richard Donnell, Hometrack's director of research. "A decline in demand is inevitable in the run up to Christmas but there are signs that the upward pressure on prices is likely to decline in the months ahead."

The report also showed that despite the positive monthly price change, four of the 10 U.K. regions saw no change in prices, while the main rises were seen in London--where prices rose 0.4% from October--and the south of England with prices rising 0.3% in southwest England and just 0.1% in the four remaining areas.

Another Hometrack measure showed that properties took an average of just 8.4 weeks to sell in November, down from a peak of 12.3 weeks in January.

"Further price rises could well result in an increase in the time to sell, as stronger pricing meets greater resistance from would-be buyers whose numbers are also growing more slowly," Donnell said. "The net result is likely to be less upward pressure on prices in the months ahead."

 
   Web site: www.hometrack.co.uk 
 

-By Ilona Billington, Dow Jones Newswires; +44 7 842 9452; ilona.billington@dowjones.com

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(END) Dow Jones Newswires

November 29, 2009 19:01 ET (00:01 GMT)


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