UK House Prices Rise as Dubai Property Dives 40pc

276

Share	Tweet

House prices in the UK have risen in Q1. This is in contrast to Dubai property values though, which have plunged by around 40 per cent.

According to figures released by Nationwide this morning, UK house prices rose sharply in the month of May. This is in stark contrast to Dubai property prices though, which have plummeted by 40 per cent!

Nationwide figures also show that the UK housing market’s annual rate of decline improved from -15 per cent to -11.3 per cent. This suggests that house prices in the UK may have reached the end of their slump. As listed below, compared to the global housing markets, the UK was among the worst performers, losing -4.5 per cent of its value during Q1 of 2009.

The report showed that prices for homes saw an increase of 1.2 per cent in May. It is thought that these pricing trends could be attributed to low supply levels.

*Nationwide (PDF)

Property value in Dubai has been hit hard. House prices in the world’s biggest construction boom have crashed by an unprecedented 40 per cent.

Biggest Losers: 1st Quarter 2009

Dubai -40.00 per cent

Singapore -16.20 per cent

Estonia -9.90 per cent

Norway -6.20 per cent

United States -4.90 per cent

UK -4.50 per cent

Canada -4.00 per cent

Slovenia -4.00 per cent

Ireland -3.70 per cent

Greece -3.50 per cent

Sweden -3.40 per cent

Spain -3.00 per cent

Germany -2.70 per cent

Australia -2.20 per cent

Philippines -2.00 per cent

Cyprus -1.70 per cent

Malta -1.70 per cent

Croatia -1.30 per cent

Portugal -0.30 per cent

China -0.20 per cent

South Africa -0.10 per cent

Best Movers: 1st Quarter 2009

Jersey 5.60 per cent

Finland 4.00 per cent

Lithuania 3.10 per cent

Thailand 2.70 per cent

Israel 2.60 per cent

Switzerland 2.10 per cent

Hong Kong 1.60 per cent

Belgium 1.20 per cent

New Zealand 1.00 per cent

India 0.90 per cent

Indonesia 0.70 per cent

Ukraine 0.60 per cent

Luxembourg 0.10 per cent

France 0.10 per cent

Biggest Losers Over 12 Months

Latvia -36.00 per cent

Dubai -32.00 per cent

Singapore -23.80 per cent

United States -16.90 per cent

UK -16.50 per cent

Estonia -16.20 per cent

Hong Kong -15.70 per cent

Poland -13.00 per cent

Denmark -11.60 per cent

Ireland -10.00 per cent

Norway -9.40 per cent

Spain -6.80 per cent

Australia -6.70 per cent

Portugal -5.90 per cent

France -5.70 per cent

Malta -5.60 per cent

Croatia -4.50 per cent

New Zealand -4.00 per cent

China -3.90 per cent

Slovenia -3.10 per cent

Canada -2.40 per cent

Luxembourg -2.40 per cent

Ukraine -2.30 per cent

Cyprus -2.20 per cent

Germany -1.50 per cent

Greece -1.50 per cent

Thailand -1.00 per cent

Philippines -1.00 per cent

Finland -0.70 per cent

Sweden -0.60 per cent

South Africa -0.30 per cent

Best Movers Over 12 Months

Israel +10.90 per cent

Czech Republic +9.90 per cent

Jersey +6.90 per cent

Switzerland +5.60 per cent

India +5.10 per cent

Indonesia +4.60 per cent

Austria +4.10 per cent

Russia +3.60 per cent

Bulgaria +3.30 per cent

Belgium +2.70 per cent

Hungary +2.50 per cent

Netherlands +1.00 per cent

Lithuania +0.80 per cent

Slovakia +0.30 per cent

Italy +0.10 per cent

Nationwide’s chief economist Martin Gahbauer said that in the 1990s “there were many months during which prices rose, only to fall back down again in subsequent periods”.

Mr Gahbauer continued to say that in the current economic climate “the combination of rising unemployment and tight access to credit implies that the last of the price declines has probably not been seen yet”.