Is there oversupply in the UK property market?
A number of property surveys in relation to the UK property market have highlighted the fact that the UK market is moving into an "oversupply" situation. When you also take into account that many buyers are now sitting on the sidelines waiting for prices to fall further, the situation could become worse before it gets better. So why have more people decided to sell their property?
There is no doubt that the hard-hitting press headlines regarding the UK economy and a potential double dip recession have upset many people. Just when the vast majority of households in the UK began to see light at the end of the tunnel the UK government stepped in with significant budget cuts and tax increases in the short-term. As a consequence, and bearing in mind that the global economy is beginning to struggle, more people are now looking to sell their property at a lower price than they may have achieved just weeks ago, with buyers now very much in the ascendancy.
Liquidity issues within the UK mortgage market are also causing concern with many first-time buyers effectively priced out of the market due to the need for a significant deposit. Until this situation changes we are likely to see further downward pressure with more and more buyers holding back or pushing for "unrealistic prices".
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
Squatters becoming an issue in the UK property market
Confirmation that squatters have taken up refuge in a multi-million pound house on The Bishops Avenue in Hamstead, north London has shocked many millionaire neighbours in the area. Apparently the property, which is now derelict, was acquired by a Nigerian couple eight years ago but what has happened since then is something of a mystery.
The three men who are living in the property...
Average UK house price rises to £168,521
The average house in the UK is now valued at £168,521 after a return to growth in March after the falloff in February. The Halifax report shows that UK prices rose by 1.1% between February and March which was a welcome relief bearing in mind a surprising 1.6% fall in February. House prices have increased by 0.6% in the first quarter of 2010, compared to the final quarter of 2009, and while this i...Read More
JJB Sports survives after creditors cave in
As we covered in one of our recent post, today was D-Day for JJB sports with a meeting of creditors to discuss a potential change in the company's leasing arrangements. Thankfully for the company, 99% of creditors voted in favour of the company's proposal, even though just 75% were required to push through the changes. It now appears as though the short to medium term future of JJB sports is secur...Read More
The strong pound hits overseas property investors
The UK has always been a hotbed of property investors with many looking overseas to acquire "cheap property" in emerging markets. However, as we covered last week, the UK pound has come under significant pressure due in the main to various comments from the Bank of England and the cost of assets overseas has increased for many people. So what can you do to protect yourself?