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".
NI houses lead price growth
House prices in Northern Ireland rose by 14.6 per cent in the last three months, the latest housing monitor shows, contributing to annual inflation of 9.5 per cent in Britain.Building society Nationwide says that the growth experienced in the province is the fastest since its own records began in 1973.Nationwide's last quarterly report showed that annual house price inflation stood at 9.3 per cent...Read More
Is the UK property market on the verge of collapse?
Today's revelation that the average property price in the UK fell by £6000 in September, compared to August, was a bitter blow for those hoping that the UK market would remain strong in the short to medium term. If we are seeing significant falls in the cost of property in the UK even before the vast majority of government austerity measures have kicked in, the situation in the short term does no...Read More
FSA issued new rules on sale and rent back deals
The FSA (Financial Services Authority) has today issued a number of new rules which will form a key part of the future sale and rent back market for UK homeowners. This is an area of the market which has attracted some of the more undesirable salespeople in the financial world and there have been many instances of pressure placed upon homeowners to take unrealistically low prices for their propert...Read More
Hammerson announces blue-chip tenant talks
In a sign that demand for property is beginning to pick up in the city of London, Hammerson, one of the U.K.'s largest corporate property companies, has announced that it is in talks regarding the possible pre-letting of two office developments in London. This is the first major sign of any significant interest in the corporate property market and against a backdrop of difficult trading in the fin...Read More
UK house prices have fallen 15% in the last 12 months
News that the price of the average UK home has fallen by 15% in the 12 months to October has brought further doom and gloom to the mortgage and property markets. The monthly fall of 2.2% between September and October, as reported by Halifax, brings about the 15% fall mentioned above which equates to approximately £30,000 per home in the UK.
This news was announced prior to the 1.5%...