2011 has turned out to be a fairly uneventful year in terms of house prices.
Increased confidence and modest rises in some areas during the early part of the year have subsequently stalled and prices are softening even in some of the traditionally more desirable parts of Bath and Bristol. For flats demand remains stong only in the best addresses such as West Mall (Clifton) whilst properties are taking longer to sell for lower prices in ‘secondary’ locations close-by. Agents are still reporting brisk business for large family houses in Redland, Westbury on Trym and Henleaze. Proximity to the good schools remains a key factor. Downend and Southville remain popular, accessible and relativley affordable choices.
Robert Gardner, Nationwide’s Chief Economist, said: “UK house prices continued to tread water in September, with prices rising by 0.1% during the month. Prices were also essentially flat over the year, just 0.3% lower than September 2010. The three-month on three-month measure of house prices was unchanged in September.”
In September Halifax reported a slight increase in prices month on month but with a 3% fall over the year for the UK as a whole.
Doubtless the prevailing economic conditions will continue to have an adverse effect on confidence, mortgage availability and property values in the months ahead.