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.
UK government to incentivise house builders
The UK government has announced a New Homes Bonus scheme which will be offered to all English councils who participate in new house building projects to alleviate a shortage of affordable property in the UK. Despite the fact there are 4.5 million people on the English Council housing list only 120,000 new properties were built last year. So how will this incentive scheme work? In simple terms t...Read More
Demand for desirable properties increases in England and Wales
Rightmove Plc, the largest Internet property company, has today confirmed that the average asking price for desirable properties in England and Wales increased by 2.6% in March. The average price now stands at around £235,500 which is a significant increase on the start of the year. It was interesting to see prices in London increase by just 1% in March indicating that the rest of the UK is begin...Read More
Why do Land Registry figures differ from property surveys?
The Land Registry today issued data which indicates that UK house prices fell by 0.6% in March, which is well out of sync with recent property surveys from the Halifax and Nationwide. Indeed the annual rate of growth in the UK property market, according to Land Registry figures, was just 7.5% compared to the 10% figure confirmed by the Halifax and Nationwide. So why do the figures differ so marked...Read More
Mixed signals in the UK property sector
While there has been significant discussion regarding the performance of the UK property sector we appear to be seeing the start of a recovery in the UK mortgage sector. New mortgage approvals rose by 4% in March which when taken with the increase in February starts to build a little momentum for the mortgage industry and the wider property sector.
While nobody is suggesting that th...
Annual house price growth hits 10.5%
A report by the Nationwide today shows that UK house prices increased by 10.5% in the 12 months to the end of April. The average price of a home in the UK is now £167,802 with a 1% increase in prices during April helping to boost the overall figure. While the increase of 10.5% is welcome and fairly impressive it does come against a backdrop of one of the weaker months from April 2009. The Nati...Read More