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.
Centre for Economics and Business Research issues downbeat property report
The Centre for Economics and Business Research (CEBR) has today issued a damning review of the UK property market which does not bode well for the short to medium term. The CEBR believes that the UK property market still has a "further 8% to fall" before prices start to stabilise and eventually recover. However, the recovery in the UK property market will be sluggish to say the least with 2010 and...Read More
UK house prices expected to rise in short-term
The Royal Institution of Chartered Surveyors (RICS) has today issued a report which suggests that while property prices are still falling across UK, the rate of decline has reduced markedly. There is a belief that UK property prices will actually start to rise in the short-term although part of this may be due to a lack of housing stock for sale in the UK.
The report shows that only...
Property Claims Set To Test Solicitor PI Cover
As the property market continues to struggle there are concerns that a number of solicitors will be on the end of claims against their professional indemnity (PI) cover. The more house repossessions in the UK, the more likelihood of a historic title defects arising, leading to claims by mortgage companies and home owners alike, determined to reduce any potential losses.
While the C...
Bank of England estimates 11% of UK homeowners in negative equity
While this may be a headline grabbing report from the Bank of England, which has estimated that up to 11% of UK homeowners may potentially be in negative equity, in all honesty it is not unexpected. The report suggests that between 7% and 11% of UK homeowners are in serious trouble with their mortgages, a figure which equates to around 1.1 million homes across the UK.
The major conc...
Best buys beside the seaside
Christchurch in Dorset, Leigh-on-Sea in Essex and Bexhill-on-Sea in Sussex offer the best quality of life for those looking for a home by the sea, according to the latest Halifax Seaside Town Review.The survey, which tracks living standards by ranking local performance in the labour and housing markets, the environment, education and health, put Christchurch top, but named Bridlington, Lowestoft a...Read More