Buy to let market running out of steam
The CML has today revealed that the UK buy to let market has rebounded strongly from post-credit crunch levels although it would appear to be running out of steam. The number of buy-to-let mortgages agreed increased by 13% in the second quarter of 2010 with around 25,000 confirmed. While these figures are welcomed by investors in the buy to let market they are just around 25% of the business levels seen prior to the credit crunch and the worldwide economic downturn.
There is no doubt that the buy to let market is "over the worst", at least in the short-term, but with many experts predicting difficult times for the UK economy and a difficult period for the property market it will do well to maintain current growth levels. Indeed even the CML believes that there are signs that the sector is easing back although how far it will fall remains to be seen. It is also worth noting that a large number of buy to let investors of years gone by have now left the market, many having been forced to sell on their properties at knockdown prices. The buy to let sector enjoyed something of an Indian summer for much of the first decade of the 2000s although whether these "good times" will return again remains to be seen.
First-time buyer numbers at a 20 year low
The number of first-time buyers in the UK property market hit a 20 year low in the year to February with just 347,000 new entrants to the property market. While this compares a little more favourably to the 331,374 a year earlier it is well below the figure of 700,000 back in 2004/05 and perfectly reflects the difficulties facing the UK property market. There are also concerns that the UK gover...Read More
Scottish house prices in recovery mode
Official figures from the authorities north of the border confirmed that Scottish house prices increased by 1.3% in the final quarter of 2009. This rise, compared with the corresponding period in 2008, equates to the first annual rise in 18 months and could be a turning point for the Scottish property market. There was also an increase in the number of properties sold in Scotland which would ap...Read More
House price growth 'slows'
House price growth slowed in May as a raft of properties came on the market in order to avoid costs associated with the forthcoming introduction of home information packs (Hips), a new survey has revealed.Of the estate agents and surveyors questioned by the Royal Institution of Chartered Surveyors (Rics) for its latest housing market study, 23.9 per cent more reported a rise than a fall in propert...Read More
Notes reveal ministers housing market fears
House prices are set to fall by "at best" between five per cent and ten per cent this year, according to forecasts in confidential government documents. The cabinet's expectation was revealed after Caroline Flint, the housing minister, inadvertently left her briefing notes on display after a meeting at Downing Street. Her notes, which were headed 'Caroline Flint - speaking notes, State of Housing...Read More
How should we expect property prices to perform in 2010?
The release of the Nationwide property survey of the UK makes great reading for investors and home owners across the country but what about 2010? Can we expect more of the same or is this ongoing recovery in the UK property market not sustainable?
Unfortunately, yet again we have seen another third-party attempt to bring UK property owners down-to-earth with Savills suggesting that...