Nicholas Ayre, director of homebuying agency Home Fusion, agreed: “This latest set of Nationwide house price data is about as misleading as it gets.
Nicholas Ayre of Home Fusion, a home buying agency, said: “This latest set of Nationwide house price data is about as misleading as it gets. Low transaction levels and low supply have led this data to bear scant resemblance to reality.
Nicholas Ayre, director of the home buying agency Home Fusion, said: “Many estate agents have endured a painfully slow year so the prediction that better times lie ahead will bring some early Christmas cheer. While no one is putting out the bunting just yet, the recovery, when it comes, will be accompanied by huge sighs of relief from home owners.
Nicholas Ayre, director of property buying agency Home Fusion, says on an annual basis, prices are “essentially stagnant”.
He adds: “Given the truly dire economic backdrop, both domestic and global, it’s a surprise that house prices overall are proving so resilient. Things could potentially be a lot worse than they are.
“While the demand for property is understandably weak, low supply and low interest rates are acting as a glass floor under prices,” he says. “If unemployment continues to rise, then we could see more properties come onto the market as people are forced to sell. This could provide further downward pressure on prices.”
Nicholas Ayre, director of the property buying agency Home Fusion, said: “September’s meagre price rise didn’t come close to cancelling out August’s fall in average prices. Year on year prices have essentially been stagnant, with weak demand and a short supply of homes coming onto the market.
Nicholas Ayre of UK buying agents Home Fusion said: “If ever there were a disconnect between house prices and the economy then surely this is it.
“For house prices to have risen in July and over the three months leading up to it is incongruous given the state of the domestic and global economy.”
He claimed that the Halifax is “optimistic” when it says that low rates and a slowly improving economy will support demand.
Mr Ayre said: “We are on the verge of global meltdown and so the ongoing growth of the UK economy is open to question.
“The overall stagnation in prices we have seen over the past year or so may soon come to an end as global forces cause the market to unravel. Even London, which has defied market conditions over the past year, could come under severe pressure given the nature of the crisis unfolding.
Nicholas Ayre, director of property website Home Fusion, said: ‘There is still a disparity between house prices and the economy’.
‘The main house price indices seem to be showing small incremental price rises which are incongruous given the state of the domestic and global economy,’ he said. ‘What is actually being seen on the ground is a stagnation in prices, a property market ambling along with very little direction, which could unravel in spectacular fashion if global forces take hold’.
But Nicholas Ayre of property agent HomeFusion said the Halifax was being “optimistic” when it said low rates and a slowly improving economy will support demand.
He said global economic instability could hit prices in London the hardest: “The overall stagnation in prices we have seen over the past year or so may soon come to an end as global forces cause the market to unravel. Even London, which has defied market conditions over the past year, could come under severe pressure given the nature of the crisis unfolding.
“To date, the capital has thrived on the back of strong demand from international buyers and its relatively strong local economy, but the way things are going, who knows? Until people are genuinely confident about the economy and their own financial security the property market will remain very much on the back foot.”
“They might be able to provide you with a copy of their minutes from a recent meeting or talk to you about any maintenance and repair issues they are currently trying to resolve.”
‘The property market, very clearly, has fragmented into a series of micro-markets. It could be many years before we see the return of a property market that trends at a national level,’ he added.