Bovis concerned about UK housing market
Bovis, one of the UK's leading house builders, has today gone public with a number of concerns regarding the short to medium term future of the UK property market. While the company reported a return to profitability, with £3.5 million surplus for the first six months of 2010, and an increase in both house prices and housing sales, there was much mention of the government's spending cuts and tax rises.
The company has seen a 3% increase in the number of sales in the first half of 2010, compared to the same period last year, as well as a 3% increase in house prices. Unfortunately, the company also reported a significant shift in sentiment in the sector after the election and the June emergency budget. This concern appears to be growing as the prospect of a potential double dip recession, however small, continues to catch the eye of financial observers. It will be interesting to see how the UK property market performs in the latter part of 2010 with many suggesting that despite a fairly buoyant first half, the sector could well be flat for the full year.
This is the first real negative comments on the UK property sector for some weeks now although in all honesty it was not totally unexpected.
Welsh property market under pressure
In line with the rest of the UK, it is being reported by the Royal Institute of Chartered Surveyors that estate agents in Wales have seen property prices soften. Apparently a flood of properties to the market is placing more pressure on the Welsh property market with 30% more members of the Royal Institute seeing property prices falling rather than increasing. Welsh property prices are now at t...Read More
Fivefold increase in property millionaires over last decade
Santander, the owner of Abbey and other UK banking brand names, has today issued a report suggesting there has been a fivefold increase in the number of property millionaires in the UK since 2000. Despite the fact that the credit crunch has impacted heavily towards the top end of the market, the bank estimates that there are around 132,000 "million pound" properties in the UK at this point in time...Read More
Property prices show first fall since April 2009
Property prices in the UK fell during the month of May for the first time since April 2009 giving investors and homeowners an unwelcome reminder that we are not yet out of the woods. While the 0.2% fall covers England and Wales there were specific areas of the UK which experienced falls of 3.6% during May. The average price of a property in England and Wales fell from £165,596 to £165,314, a fig...Read More
Scottish seasides top of the props
Six out of ten of the seaside towns where property prices have risen most in the last 12 months were located in Scotland, according to a new study.Research from Halifax shows that Girvan, a coastal town in Ayrshire, saw the greatest growth in house prices, which rose 41 per cent on average over the past year to reach £131,512 in March 2007.Properties in the Scottish town of Arbroath saw the secon...Read More
What next for the buy to let market?
As we covered just yesterday, the buy to let market in the UK is very much on its knees begging for mercy. The banks have cut buy to let landlords adrift and many are now seeing the equity in their homes reduce substantial with a number now creeping into negative equity. Coupled with the fall in house price values and the lack of buyers, many have no choice but to try and tough it out. But what...Read More