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.
100% mortgages are no more
Homebuyers without deposits will no longer be able to take out 100 per cent mortgages, with the news that Abbey is to withdraw its range. Abbey had been the last of the UK's mainstream lenders to offer 100 per cent deals, which had provided a lifeline to first time buyers unable to raise punitively high deposits. The move was announced by a spokesperson for Abbey who told the Daily Mail that the d...Read More
Google enters the UK property market
Search engine giant Google has today confirmed that residential property listings will be added to its Google maps service. The company claims that "hundreds of thousands" of homes are already being advertised for sale or rent on the Google maps service which is proving to be one of the more popular initiatives of late. In a rather clever way, which does not alienate any area of the market, Goo...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
Nationwide releases new house price figures
House prices fell by 0.4 per cent this month, Nationwide said today.This means that the typical property is worth 13.9 per cent less than it was in November 2007, according to the lender.Last month's survey showed a 1.3 per cent monthly decline and a 14.6 per cent annual drop - suggesting that the property slump in the UK has started to abate.However, other studies released recently suggest that b...Read More
Should we believe the Nationwide forecast for the property sector?
Despite the fact that many analysts and economists are downbeat on the prospects for the UK economy in 2010, today's Nationwide report on UK property sector seems to offer a very different opinion of the prospects for the UK. The report suggests that UK property prices will increase by around 10% in 2010 which is something many people do not agree with. So who should we believe? There is no dou...Read More