RICS house price index under pressure
The prominent Royal Institute of Chartered Surveyors (RICS) house price index fell to -36 in the three months to September from -32 in the three months to August. This fall in the index reflects the fall in house prices in England and Wales and is the largest one-month fall since May 2009. While the drop is effectively blamed upon sellers rushing to the market to sell before further perceived weakness in the UK economy there is also no doubt that buyers are becoming more and more concerned with many retreating to the sidelines.
Despite hopes that the UK property sector would remain fairly steady during this difficult economic period it seems that homeowners in the UK are beginning to run scared. Only last week we saw confirmation that the average house price in the UK fell by £6,000 in September with further falls expected in the short to medium term. If nothing more than a pure supply and demand issue, with more property coming to the market and fewer buyers looking to acquire property, the RICS index is likely to fall further and UK property prices will follow suit. Are we on the verge of a self fulfilling prophecy?
RBS looking to offload £15 billion of property assets a year
As the long-term goal of unwinding Royal Bank of Scotland's distressed loan book continues the company has revealed plans to offload upwards of £15 billion of property assets a year for the foreseeable future. The company will also be tailing off the vast majority of property loans in the UK and Europe which will unwind the company's loan book going forward, although there are fears of more write...Read More
Gordon Brown's social housing programme under scrutiny
When the UK government announced a £1.5 billion social housing programme which would see 20,000 new homes built across the UK for those on low incomes and council house waiting lists, traditional Labour voters clapped their hands with enjoy. However, as Parliament goes into recess it has been revealed that the £1.5 billion required to fund his social housing programme in the future is not availa...Read More
Taylor Wimpey given more breathing space by lenders
Taylor Wimpey, one of the U.K.'s best-known and largest housebuilders, has this evening been given until 31 March to sort out its finances and get the company back in order. Recent discussions with the company's financing partners have concluded with an agreement to review the company's balance sheet and debt structure no earlier than 31 March 2009. Like so many in the industry Taylor Wimpey has s...Read More
Financial Services Authority steps in regarding sale and rent back adverts
The Financial Services Authority (FSA) has today stepping to call time on heavy-handed sales practices within the sale and rent back sector. This is an area of the market which has shown significant growth in the short to medium term due to the fact that many people are behind on their mortgages and need cash as quickly as possible. To these people, the potential to sell their homes, organise a re...Read More
Overseas property guide for beginners
While the UK property market, and many more around the world, is on its knees it looks as though we are starting to see some good long term value emerging from the mess of the credit crunch. But where do you invest? What type of property? What are the risks?
As with any investment, there are risks to be considered and more so in the area of direct Read More