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.
Mortgage cap could ruin the UK property market
It is believed that the UK government is on the verge of passing significant power to the Bank of England in relation to the UK mortgage market which could see potentially four out of every 10 mortgage applications rejected. Central to this issue is a proposed mortgage cap which could see the introduction of a requirement to put down a minimum 25% deposit on any house purchase. It has yet to be...Read More
Will City rents increase in 2010?
A report by property consultants King Sturge claims that the rental values will increase by up to 10.5% in the City of London in 2010. While this is obviously a massive U-turn compared to the 40% collapse in rental values during the recession there is some concern about the basis upon which these forecasts have been calculated. The consultant seems to be ignoring the fact that a number of promi...Read More
London house prices continue to outpace rest of the UK
02/07/2014 London house prices are continuing to overwhelmingly outpace the rest of the UK housing market, as prices for the three months to June increased by 25.8% over the last 12 months. As a result, the average home in London is not only higher than the pre-crisis peak in 2007, but they are also selling for over £400,000 for the first time in history. All regions across the UK record...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...
Are UK homes still over valued?
There is a growing debate about the UK housing market which many are still suggesting has further to fall. Indeed there was even a report earlier this week from Global Insight which forecast that by the end of the recession the UK housing market would have lost 35% of its value from the peak. So what is going on?
Even Gordon Brown has entered the debate by suggesting that home own...