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.
Average UK property now worth £155,885
The Land Registry has today confirmed that UK house prices rose by 1.7% last month, the second consecutive month of increases, which now places a value of around £155,885 on the average UK property. The rebound of 1.7% in July is the largest single monthly rise over the last five years and would appear to bode well for the future of the UK property sector. When you also consider the vast array of...Read More
House building boosts UK construction industry
03/07/2014 The UK construction industry grew at its fastest pace in four months this June as a result of an increase in house building, according to the Markit/CIPS Purchasing Managers Index (PMI). The PMI is a measure that determines how quickly the construction industry is growing or shrinking. A measure above 50 indicates growth and vice versa for a measure below 50. Despite prediction...Read More
Has Scotland Escaped The Worst Of The UK Property Price Falls?
As the general UK housing market continues to fall there are signs that Scotland may well be fairing better than others in the UK. Figures from the Council of Mortgage Lending show that Scotland’s share of new mortgages in the UK actually increased by a third since the start of the year. While there was still a 20% fall over the period and a 40% fall in the number of transactions over the...Read More
House prices down 0.9%
UK house prices are now almost one per cent less than they were a year ago, following a seventh consecutive monthly decline.Data from house price information group Hometrack shows that the average price of a home in England and Wales fell by 0.6 per cent during April. This brought the average value of a home to £173,100 - 0.9 per cent less than it would have been worth in April 2007.Further evide...Read More
Is it time to buy land?
As the housing market continues to fall like a stone many people have overlooked what is happening to the land market - land with no planning permission or income stream. Demand for land which could one day be the location for a new home (or homes) has died a death with the housing market tilted well in the over supply section at the moment. So is it now time to look at land as an investment?