68FF Hbos 5.75% Nts

 

TIDM68FF 
 
RNS Number : 2896S 
HBOS PLC 
08 September 2010 
 

 
+----------------------------+----------------------------+ 
|      National Index        |        August 2010         | 
+----------------------------+----------------------------+ 
 
 
+----------------------+--------------------------------+----------------------+ 
|                   All Houses, All Buyers Index (1983=100)                    | 
+------------------------------------------------------------------------------+ 
| Monthly Change 0.2%  |      Annual Change 4.6 %       |                      | 
+----------------------+--------------------------------+----------------------+ 
|        Standardised Average Price (seasonally adjusted)  GBP167,953          | 
+----------------------+--------------------------------+----------------------+ 
 
Commenting, Martin Ellis, housing economist, said: 
" House prices increased by 0.2% in August.  This, together with July's rise, 
has reversed much of the modest decline in the three preceding months.  Prices 
are now at a very similar level to that at the end of last year.  Activity has 
also been largely static since the start of the year.  These developments 
suggest that the market is broadly stable with house price inflation having 
cooled since last year when supply shortages helped to push up prices. 
The improved economy, strengthening labour market and low interest rates are all 
supporting housing demand.  We expect that UK house prices will remain static 
overall in 2010." 
 Key facts 
 
·      House prices increased by 0.2% in August.  This was the second successive 
monthly increase following a 0.7% rise in July. 
 
·      House prices in August were 4.6% higher on an annual basis as measured by 
the average for the latest three months against the same period a year earlier. 
 This was slightly below the 4.9% increase in July, continuing the recent 
downward trend and compares with a high of 6.9% in May. 
 
·      Prices in July were marginally lower (-0.5%) than at the end of 2009. The 
current average house price of GBP167,953 is 9% above its April 2009 low, but 
remains 16% below its August 2007 peak. 
 
·      Housing market activity broadly stable.  Bank of England industry-wide 
figures show that the number of mortgages approved to finance house purchase in 
the three months to July - a leading indicator of completed house sales - were 
slightly higher (1%) than in the previous quarter, on a seasonally adjusted 
basis.  The number of approvals has been remarkably stable this year, keeping 
within a range of 46,000-50,000 per month.  In total, the number of approvals 
during January to July was 9% higher than in the same period last year. 
 
·      The improved economy, strengthening labour market and low interest rates 
are all supporting housing demand.  GDP increased by 1.2% between the first and 
second quarters of 2010.  The recovery in economic activity - whilst unlikely to 
be sustained at this pace - helped to boost the number of people in employment 
by 184,000 between Quarters 1 and 2, according to the latest ONS figures. 
 
·      The combination of lower house prices compared with mid 2007 and interest 
rate reductions has created a significant improvement in affordability for those 
buyers wanting to take their first steps onto the property ladder.  Indeed, the 
proportion of a potential new first-time buyer's disposable earnings devoted to 
mortgage payments has almost halved from a peak of 50% in mid 2007 to 28% - 
below the 34% average over the past 25 years. Improving home affordability has 
helped to boost the number of first-time buyers, which was 28% higher in the 
first half of 2010 compared with the same period last year - 94,600 against 
74,000 - according to the latest CML figures. 
 
The Halifax House Price Index is prepared from information that we believe is 
collated with care, but we do not make any statement as to its accuracy or 
completeness.  We reserve the right to vary our methodology and to edit or 
discontinue/withdraw this, or any other report.  Any use of this report for an 
individual's own or third party commercial purposes is done entirely at the risk 
of the person making such use and solely the responsibility of the person or 
persons making such reliance.  c Bank of Scotland plc all rights reserved 2010. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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