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.
House prices 'will fall by 7%'
Almost three in four people expect house prices to fall over the next year, a study shows.The poll, conducted for the Building Societies Association (BSA) by YouGov, also found that the average predicted drop over the year stands at 7.1 per cent.Regionally, Welsh people were found to be the most pessimistic about the property sector - with a 9.1 per cent fall expected.Most positive were those in Y...Read More
Are Fools Rushing Into The Housing Market?
A new property survey has given rise to the suggestion that one in four in the UK believe that now is a good time to start investing into UK residential property. The report by the Building Societies Association (BSA) threw up this surprising fact with many investors trying to ignore the continuing threat of the credit crunch. But is it really time to invest?
The same survey also...
Commercial property market looking to rebound
Colliers CRE, a leading property consultancy in the UK, has today issued a forecast for the UK commercial property sector which would indicate a massive recovery in the second half of 2009. Only a few months ago the company had been forecasting an overall loss of 7.3% for the commercial property sector during 2009 but now it believes overall there will be 0.4% increase in the value of commercial p...Read More
Students splash more cash on rent
Average rent rates for students in the UK have risen by seven per cent compared to last year, according to a new report by Accommodation for Students.Social housing website 24dash published the report findings showing that an average UK student would pay £60 per week for their digs in 2007, which is four pounds more than 2005. Yet this figure does not reflect the experience of all students, as re...Read More
Annual house price growth down again in February
The rate of annual house price growth declined during February for the sixth consecutive month, it has been revealed. According to the Land Registry's house price index, which is generally regarded as one of the most accurate of the regular property sector studies, the rate of annual house price inflation fell to 5.3 per cent during the month. By way of comparison, in January the figure had stood...Read More