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.
Rightmove Shares Tumble On Rival Fears
News that the National Association of Estate Agents (NAEA) will soon launch its own free website where members can advertise their properties has caused a strong sell-off in Rightmove shares which are now hovering above the £3 level. So what does this mean for the darling of the online property sector?
When you consider that the new NAEA site (which is currently in beta testing a...
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
Will a property tax work in the UK?
It seems that government plans to abolish the council tax system and replace it with a property tax, based upon regular valuations of individual homes, is well underway. Despite concerns that this could create a £400 million budget black hole in Scotland the surprise leak in The Times newspaper yesterday has caused great controversy and may put the government on a collision course with UK voters....Read More
A new era with no HIPs
As of midnight last night the UK government has scrapped Home Information Packs, otherwise known as HIPs, to the joy of estate agents around the country. It was also revealed that since the introduction of the information packs in December 2007 around £1 billion being "wasted" on what many believe were pointless and ultimately unhelpful information packs. When you consider the amount of money...Read More
Nationwide confident on UK housing market
The Nationwide, the UK's largest building society and a major player in the property sector, has today issued a report suggesting that the UK property sector should remain fairly stable over the next 6 to 12 months. The lender believes that upward pressure on property prices will decrease in the short to medium term as more properties come onto the market. It is interesting to see that the Nati...Read More