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.
Northwest property market hit by fall
Despite the fact that the average UK property fell by 0.3% in July, figures obtained by the property industry show that the average price of a home in the Northwest of England fell by 0.5% over the same period. There has been a marked increase in the number of properties for sale which are up by 4.4% in Greater Manchester and 5.2% in the more affluent area of Cheshire. While it has to be said t...Read More
Rightmove doubles profits despite Hips loss
Online property firm Rightmove doubled its pre-tax profits during 2006, it revealed today.Total revenue grew by 85 per cent to £33.6 million last year. Pre-tax profits increased 101 per cent from £8.8 million in 2005 to £17.7 million a year later, continuing Rightmove's rapid expansion.Having floated on the stock exchange on March 15th last year, managing director Ed Williams described 2006 as...Read More
Average house prices continue to rise
The average house in England and Wales is now worth about £166,798 which is a 6.7% increase over last 12 months. While this is an impressive increase in house prices over the period there is no doubt that pressure is starting to tell on the UK property sector. Over the last few weeks we have seen would-be buyers retreating to the sidelines hoping to catch more value on the way down as more seller...Read More
House sales in UK fell by 53% in last 12 months
News that house sales in the UK have fallen by 53% over the last 12 months, from 126,000 last September to just 59,000 last month has seen the market take the figures in its stride. While they may make terrible reading they were not wholly unexpected and may not even mark the end of the fall. However, markets are trying to look ahead to a time when the mortgage market is liquid again and house p...Read More
Average UK house price back above £200,000
Information released by the Communities and Local Government (CLG) shows that the average UK house price has now risen back above £200,000. While figures from November show that the rate of increase in the value of property in UK is starting to slow, prices in November were still 0.6% higher than the corresponding period in 2008. However, while house prices are starting to stabilise and consolida...Read More