UK house prices under pressure
A report by the industry body, the Royal Institute of Chartered Surveyors, has today cast a dark shadow on the UK property market the report showing that more members are seeing lower prices compared to those who are seeing an increase. The net balance on the survey was -8 which equates to a fall in UK property prices in the second half of 2010 in the region of 2 to 3%. This would leave house prices in the UK relatively flat for the year compared to 2009.
There is no doubt that negative press coverage over the last few weeks is beginning to impact upon the UK property market with buyers happy to stay on the sidelines and more sellers coming to the fore. If the situation continues in the short to medium term there is no doubt that prices will come under further pressure and what began as a small snowball could soon begin to grow.
Whether or not it is a case of more realistic pricing in the short to medium term or indeed a switch in the trend for improved demand for UK property remains to be seen. However, the UK economic outlook is not one which would support a recovery in the UK property market.
Northeast builder issues challenge to the Treasury
In a move which will no doubt catch the attention of first-time buyers in the north-east of England, Meadowcroft, a housing company in the region, has announced plans to offer financial assistance to first-time buyers. The company already offers a significant advice service regarding the various government rescue packages and mortgage schemes available, but they now believe it is time to go one st...Read More
House prices force buyers to commute
First time buyers are being forced to commute because they have been priced out of the market in the areas where they work, according to research from Abbey mortgages.The maximum journey time that new buyers want to take to their workplace is 43 minutes, but they are having to change their expectations - the study found 15 per cent said they would travel up to one hour each way, seven per cent wou...Read More
Darling to ask lenders to help cash-strapped homeowners
Relief could be on the way for beleaguered homeowners in the form of new government proposals intended to alleviate the strain of meeting repayments. Under the proposals, lenders would enable homeowners to take a mortgage holiday, during which time they would not be obliged to make repayments for a limited time. It has also been proposed that mortgage providers begin a scheme whereby they buy back...Read More
National Housing Federation warns on negative equity
The National Housing Federation has today issued a report which suggests that those who acquired their properties at the height of the property boom in 2007 will experience negative equity until 2014. Those who bought their properties at the peak of the property boom would have paid around an average price of £216,800 and with property prices unlikely to rise this year it could be 2014/15 before...Read More
UK property market under pressure
February figures for the housing market in the UK showed an annual increase of 9.2% but a fall of 1% in prices compared to January. This is the first fall in UK property prices since April 2009 and while it should not be taken in isolation as the turning point of the recent trend all eyes will be on the figures next month. There were a number of specific reasons why property transactions stalled i...Read More