House Prices Back to 2008 Levels

The latest survey from Nationwide today shows that house prices have returned to their levels of a year ago, with prices up 0.9% on the month to October. This was the 5th month in a rown that prices have risen this year.

On Nationwide's figures, prices have risen by 3.8% in the last quarter, the largest increase in 5 years. They are also 4.1% higher than at that the start of the year.

This all sounds fine for homeowners, but Nationwide cautions that the rises are unlikely to be sustained with rising unemployment and continued restrictions in housing credit. There is also the pending removal of the stamp duty holiday.

From these figures released today, it sounds as if the housing market is regaining is previous bouyancy. However, it is our view that the market is likely to get worse again in 2010 before any sustained recovery. House sale volumes are still half of what they were before the downturn, artifically helping to sustain and increase prices in ceretain areas. In many parts of the country prices are still well below levels seen last year.

With these low sales volumes, home owners are still struggling to sell their houses. Figures from Hometrack show that the average time to sell a house in August was 8.7 weeks, with people achieving 92% of the asking price, on average. We know from the many enquiries we receive here at Quick Move Now that people in many parts of the country are struggling to find buyers, with many not finding buyers despite reducing their asking prices and their houses having been on the market for 6 months or more.

If you find yourself needing to sell your house quickly, but you're struggling to find a buyer through an estate agent, call Quick Move Now on 0800 068 3366. We offer up to 85% of your home's value, but for this we do guarantee a quick sale, often being able to complete on a guaranteed cash deal within 7 days. You can get a FREE online quick house sale quote now or call us for more information.

House prices fell for the first time in four months last month as the traditionally quiet summer took some heat out of the market, official figures showed today.

The Land Registry said the data for the month showed a "fairly flat market" with prices down 0.1% on July's figures. The drop followed a 1.8% rise in July and reduced the average price of a home in England and Wales in £155,968.

But the annual rate at which house prices are falling continued to slow, easing to 9.4% – the lowest figure since last September and down from a high of 16.3% in February.

These figures give weight to the idea that there may not be a steady growth curve out of the recession, but may be a series of peaks and troughs, resulting in an eventual good economic climate.