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.
Housing market problems sees 32,000 estate agents lose their jobs
While they may be the bane of many people's lives when looking to sell or purchase a house, the estate agency industry will end 2008 on a record low with 32,000 jobs lost over the last few months. The crash in the UK housing market has not only had repercussions for home owners throughout the UK but estate agents as well. There is also concern that the problems in the sector will continue well int...Read More
Nationwide reports further house price fall
The Nationwide has revealed that house prices in the UK fell by 1.7 percent in September alone which brings the annual fall to 12.4 percent. This latest monthly fall is the largest on record and signals the start of another serious downward spiral for the industry. Finance is scarce, buyers are even scarcer and sellers are coming out in their droves looking to sell at almost any price!
Public sector workers 'priced out of housing market'
Key public sector workers like nurses and teachers cannot afford to buy a house in 70 per cent of Britain's towns, a study shows.Building society Halifax's annual key housing review shows a dramatic increase in the number of out-priced properties in Britain, up from 65 per cent last year and only 36 per cent in 2002.For nurses, firefighters, police officers, teachers and paramedics Ã¢â‚¬" al...Read More
Rent price inflation halts, as more people opt to buy
The increase in the number of people buying property in the UK, especially first-time buyers, has meant that the cost of renting has stopped rising as aggressively. This is according to a survey commissioned by LSL Property Services, which revealed that the average monthly bill in England and Wales is unchanged since May, and stands at £737. However the cost of renting has increased by 2.6pc...Read More
Rent rises expected across the UK
The Royal Institute of Chartered Surveyors has today confirmed that UK rents are set to increase in the short to medium term as the number of properties coming onto the rental market continues to decline. For the second quarter in a row we have seen a reduction in homes available for rent across the UK as those who were struggling prior to the recent economic upturn, and forced to rent out their p...Read More