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 property prices fell 2% in February
The Land Registry has today revealed a 2% fall in house prices last month with the average UK home now valued at £153,862. This is the 18th consecutive fall in property values across the UK with a year-on-year fall of 16.5%. While the situation does vary across the country, with prices in the North West falling by 4.1% against just 1% in the South West and Yorkshire, there is no doubt that the UK...Read More
Watchdog launches housebuilding study
The Office of Fair Trading (OFT) has announced a surprise review of the UK's housebuilding industry.A statement from the watchdog today said it had launched the study amid potential concerns from competitors and consumers.The OFT explained that the "groundbreaking" evaluation into the £20 billion per annum industry would focus on delivery of housing and consumer satisfaction.Details under the mic...Read More
Is it time to look at overseas property?
As the UK property market shows some signs of recovery many experts are pushing the idea of investing in overseas property before the worldwide economy moves into a growth phase. However, with various reports suggesting a mixed outlook for the UK property market in the short to medium term is there really any rush to invest your funds into bricks and mortar?
Unfortunately, so far th...
What are the options with negative equity?
As more and more people in the UK face of the problems of negative equity, many are now looking around to see exactly what their options are. Unfortunately, for those looking to downgrade their properties and therefore crystallise their position before it gets any worse, the market in the UK is still very much subdued. Remortgaging at this moment in time is also not an option for many in the UK wi...Read More
Younger potential homeowners concerned about short-term
A report by the Council of Mortgage Lenders has highlighted the challenges facing younger people in the UK who want to acquire their own property. The report suggests that 88% of those surveyed aged between 18 and 24 would like to acquire their own property within next 10 years but only 42% believe that this will be possible over the next two years. This perfectly reflects what is a difficult mark...Read More