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.
One beach hut for sale at £300,000
The location is the Chesil Beach at West Bexington, Dorset which is home to potentially the U.K.'s most expensive beach hut. The property, which is a 524 ft.² single-storey three bed wooden shack looks, on the outside, like a large garden shed but could in fact become a pot of gold for the property's owner. Despite the fact that we are in the grips of an economic downturn in the UK it would appea...Read More
Number of new homes falls to 50 year low
It has been revealed that the number of new homes being built in the UK has actually fallen to a 50 year low. While it is no surprise to see the number of new homes well down over the last 18 months, a 50 year low is even worse then the most pessimistic had expected. However, this is just where the problems begin!
Not only have we seen the new homes market shattered but we have al...
Mixed Signs In The Property Market
After months of complete mayhem in the financial markets it seems that some kind of liquidity may be returning to the sector. HBoS has announced that they found investors to take up their recent £500 million mortgage bond issue Ã¢â‚¬" something which would have been unheard of only a couple of weeks ago. The bond issue is linked to residential mortgages and many experts are seeing this...Read More
Nationwide reports further house price fall
The Nationwide has revealed that house prices in the UK fell by 1.7 percent in September alone which brings the annual fall to 12.4 percent. This latest monthly fall is the largest on record and signals the start of another serious downward spiral for the industry. Finance is scarce, buyers are even scarcer and sellers are coming out in their droves looking to sell at almost any price!
More Promise Of Good Times For First Time Buyers
In a move which is more headline grabbing than practical, the government has announced a new scheme to ease the pressure on first time buyers. The scheme will involve those who qualify paying reduced rent on a property while they save up a deposit to buy in the future. Once they have saved for the deposit they will then be able to buy a share in the property, starting at 25% which can then be ad...Read More