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Loughborough House Prices
Posted on 28/02/08
P. Klein
The house price index has for Leicestershire has fallen to its lowest level since June 2007.
The team at inLoughborough have been analysing the trend in house prices for the last 7 years for the Leicestershire / Derbyshire and Nottinghamshire area given the latest statistical release of the House Price Index today (28th February 2008) by the Land Registry.
The average for these three counties was chosen as Loughborough is at the Northern edge of Leicestershire and relatively close to the adjoining counties. The increased number of sales in the figures also gives a greater degree of confidence in the figures.
House prices in Leicestershire fell last month, as they did in Nottinghamshire. Prices in Derbyshire stayed the same. Overall there was a fall in actual prices of 0.17% in the month, with a year to date increase of just 4.3%. This is very close to the rate of inflation (RPI) indicating that property is only just keeping pace with inflation. In fact if you have money to invest property at the moment might not be the best place for it. The situation is worse when you consider the cost of borrowing is substantially above the rate the value of the property is increasing in many cases.
Comparing the increase in property price against inflation gives a good indication of how investments are doing. The graph above shows the difference between in inflation and house price increases. Prior to 2005 house prices rose substantially above the rate of inflation. Which was good if you bought before then as an investment. Subsequently the picture is not so good with prices in the three counties struggling to keep pace with inflation.
One estate agent from a Loughborough town centre branch who did not wish to be named told inLoughborough: It really is a buyers market at the moment and there are not many buyers about. Prices have hardly changed and properties are taking longer to sell compared to last year. People are concerned about interest rates. Its very competitive at the moment
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