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.
What next for the buy to let market?
As we covered just yesterday, the buy to let market in the UK is very much on its knees begging for mercy. The banks have cut buy to let landlords adrift and many are now seeing the equity in their homes reduce substantial with a number now creeping into negative equity. Coupled with the fall in house price values and the lack of buyers, many have no choice but to try and tough it out. But what...Read More
UK repossessions on the increase
A report by the Financial Services Authority (FSA) has today confirmed the dire situation for the UK property market. A total of 13,161 homes were repossessed in the third quarter of 2008 which represents a 92% increase on the corresponding period in 2007. There are serious concerns that the overall trend in repossessions is set to move sharply higher as the property market comes under more and mo...Read More
Average property costs £100k in every UK town
Average property prices in every British town have surpassed the £100,000 market for the first time, according to the Halifax bank.In Wales, Northern Ireland and Scotland prices continue to rise, with once depressed towns now seeing the fastest-growing prices.Northern Ireland is now the fourth most expensive region to buy property in the UK, behind London, the south-east and south-west.Craigavon,...Read More
Govt 'gives go ahead to flood plain housing'
The government is expected later today to give its blessing to plans to build homes on flood plains.Ahead of the publication of its green paper on the housing shortage affecting the country, housing minister Yvette Cooper said that houses would only be built in areas prone to flooding if the proper defences were in place.Her comments come after torrential rain and freak storms left large parts of...Read More
Government Rate Changes Lead To Property Demolitions
While it did not receive an awful lot of coverage in the financial press it seems as though a move by the government back in April which took away rate relief on empty buildings is leading to a massive increase in demolitions. As businesses seek to cut back their tax bills as much as possible many are now looking to flatten empty buildings and offices in order to avoid what can be a substantial t...Read More