Some UK property 'still gaining value'

27 2008
The property market has suffered immensely in the past year but there are still some areas in which property prices are currently on the rise, a Times report has revealed.

The average property has dropped in price by around 12 per cent, according to high street mortgage lender Halifax, but this still allows for some properties falling further while some have gained value in the past year, the National Association for Estate Agents (NAEA) has said.

Peter Bolton-King, president of the NAEA, told the Times that the picture offered by national averages isn't doing the market any favours: "It's all very well saying that prices are down 13 per cent on average across the country but the market is made up of very localised patches that vary street by street.

"Agents in some areas have even reported an upturn this month. The national figures do not give the bigger picture."

Despite the few pockets in which prices have remained buoyant the market has nevertheless been volatile for some time.

Rental yields, on the other hand, have risen as demand for rented accommodation has risen steadily in the past 12 months.

Lettings agents Your Move has reported a 50 per cent rise in demand for rental properties this year alone.
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