Confusing signals from the UK property market
Despite the fact that recent information released regarding the UK property sector would seem to indicate a downturn in business and property prices, the Council of Mortgage Lenders in the UK has confirmed a reduction in repossessions in the second quarter of 2010. A total of 9400 properties were repossessed in the three months to June 2010 which is down 400 from the previous quarter and down 2400 compared to same period last year.
As a consequence the Council of Mortgage Lenders has revised its forecast for repossessions for the full year to 39,000 against an initial forecast last year of 53,000. This also compares favourably to the total 47,700 properties which were repossessed during the whole of 2009. Again this would appear to indicate that fewer people are falling behind with their mortgage payments which would in itself indicate an improvement, or at least stability, in the UK economy.
However, this comes at a time when the public sector budget is being slashed, the economic revival appears to be flagging and UK property prices have started to downturn. Whether or not the new forecast of 39,000 repossessions in 2010 is revised, if the economy does falter in the second half of 2010, remains to be seen.
Redrow seeks to start building homes again
After a period of significant unrest and a collapse in demand for UK homes it has been revealed that UK house builder Redrow will soon begin building again. Steve Morgan, the original owner of Redrow, who recently regained control after a boardroom coup, has revamped the company's strategy and announced a wish to take advantage of any recovery in 2010. This is by far the most positive sign we have...Read More
UK house prices under pressure
A report by the Halifax has today confirmed a 0.1% reduction in UK house prices in April following on from a 1% increase in March. It appears that growth in the number of properties available for sale has seen upward pressure on prices reduce, something which is likely to remain for the foreseeable future. However, despite a fall in prices during April the average UK house price has still increase...Read More
Britain's perfect property - a new detached house in the countryside
The nation's ideal home is a new build, detached property located in the countryside, according to new research from Halifax mortgages.The survey found that half of people preferred detached and new builds were preferred by 22 per cent of those questioned.Phil Jenks, head of mortgages at Halifax, said: "Although many of us live in towns or cities, there is no disputing that a house in the country...Read More
Reality in the UK property market
A report by the Centre for Economics and Business Research will this week show that UK property prices are forecast to fall by a further 10% during 2009, ruining hopes of a short-term recovery. However, the Labour government will be pleased to hear that the report will also forecast a recovery in 2010, possibly just in time for the next general election. Slowly but surely it appears that Gordon Br...Read More
More undersold homes join the rental market
As the glut of unsold homes across the UK continues to increase we are seeing more and more properties placed into the rental market until such time as they can be sold. This massive increase in properties available for rent has resulted in great pressure on rental yields and pushed rental income lower and lower. This has the potential to become a serious problem for many buy to let owners as they...Read More