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.
Buyers vs. Sellers – the House Price War
There is set to be something of a standoff over the coming months, as buyers and sellers of houses within the UK lock horns over prices. There is a difference of opinion as to the price of housing from either side, with both seeking to gain as much as possible in the tough economy. This is not good news for the UK housing market, and is likely to further stall sales of houses in the future, ac...Read More
House Repossessions Soar 40% In First Quarter
News that the number of homes being repossessed has risen from 6,471 in the first quarter of last year to 9,152 in the first quarter of 2008 has spooked many in the market and is likely to have an impact for some time to come. Experts forecast that the figure will rise even further over the next 12 months with the full extent of credit crisis yet to hit home. So what impact will this have upon t...Read More
London commercial property back in vogue
It has been revealed that London's largest skyscraper, Tower 42, has been put up for sale by Blackrock and Hermes Real Estate. The asking price for London's largest skyscraper is in the region of £300 million and is one of a portfolio of property assets up for sale. It seems as though a weakness in the UK currency and a lack of high-quality office space in London has seen a sudden resurgence i...Read More
Centre for Economics and Business Research issues downbeat property report
The Centre for Economics and Business Research (CEBR) has today issued a damning review of the UK property market which does not bode well for the short to medium term. The CEBR believes that the UK property market still has a "further 8% to fall" before prices start to stabilise and eventually recover. However, the recovery in the UK property market will be sluggish to say the least with 2010 and...Read More
Bank of England gives confusing opinion on UK property
Only a few days ago a member of the Bank of England's monetary policy committee suggested that the UK economy was on the crest of a recovery and the worst was over. Many people took this to be the official line from the Bank of England although over the weekend another member of the monetary policy committee has suggested that the UK property sector may stall in 2010 and could actually go into rev...Read More