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UK housing market loses momentum before the election


The real estate market in the UK continue to lose momentum with the approach of parliamentary elections in the country that will take place next week. House prices in England and Wales have delayed further the pace of growth, rose by 0.2 percent in April compared to the previous month, when it increased by 0.3 percent on a monthly basis. This monthly analysis showed the company to study the real estate market Hometrack, said. Uncertainty about whether Labour or Conservative Party opposition will be able to secure a majority in parliament after elections on May 6 against the backdrop of anemic growth in the British economy, record budget deficits and high unemployment in the country and destabilizing the housing market in recent months. Most in April by 0.6 percent, more expensive properties in London, while housing prices in other regions of the country remained almost unchanged or reported anemic monthly growth rate of 0.1 per cent. Compared with April 2009 when the real estate market in the UK reached its lowest point, housing prices increased by 1.8 percent, which is their highest growth rate over the past two years. According to Hometrack, the number of offers for sale have increased by 3.7 percent on a monthly basis in April, but this is more than a 1% increase in new requests for house purchase. The company stated that the looming election led many buyers to defer purchase of housing, for the third consecutive month the number of new buyers is growing more slowly than new sellers. The sale of a home takes an average of 8.3 weeks and the beginning of this year, the balance between supply and demand has begun to turn in favor of buyers, the analysis also shows Hometrack. At 10:30 local time sterling more expensive with a strong 0.7 percent against the dollar and the pair GBP / USD is quoted at a level of 1.5482 dollars per pound.

Published on 2012-05-22 10:17:22
Source: Investor.bg


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