Nationwide and Halifax drop housing forecasts
Today's announcement that the Nationwide and Halifax are to drop their housing forecasts due to excessive turbulence in the market has caught many observers by surprise. These are the two main providers of data to the housing market and the fact that they are uncertain as to both the quality and assurance of such data in current markets is of concern.
This withdrawal or a vital part of the housing market in the UK should not be underestimated and also serves to highlight the uncertain and volatile nature of the housing market at the moment. Many countries around the world have decided to acquire empty properties for social housing and while nothing has been announced as yet this could be an option for the UK government. Some observers would then class this as a "false market" which would be supported by taxpayer's money in the short to medium term.
It is also worth remembering that there are substantial regional variations in the housing market which have been extenuated during the current market turmoil. Those looking to sell their homes appear willing to drop their price time and time again which makes measuring and predicting future price variations very difficult.
Share this..
Related stories
UK car manufacturers deny bail out rumour
The UK car manufacturing sector has been at the forefront of many headlines over the last few months with suggestions that industry leaders have approached the government about a potential financial bailout. These allegations have been refuted over the last seven days with UK car manufacturers confirming they have asked the government for assistance in creating long-term lines of credit. It would...
Read MoreGordon Brown risks the wrath of union supporters
Gordon Brown this morning stands accused of abandoning his union background as he declares the wildcat strikes sweeping across the UK as "not defensible". While there is no doubt that officially the wildcat strikes are illegal, without a voting procedure and chance for employers to consider the situation, there had been hopes that the government would show some support for the plight of UK workers...
Read MoreBuy-to-let mortgage lending up in first Quarter
The amount of mortgages approved on a buy-to-let basis was up by 13.5pc in the first quarter of 2013, compared to the same period in 2012, according to the council of Mortgage Lenders (CML). Buy-to-let mortgages now account for 13.4pc of all outstanding mortgages, a rise of 0.5pc from the same period a year ago. Landlords and investors are prospering from cheap mortgage deals brought about by G...
Read MoreIs the UK house price recovery over?
The significant reduction in the speed at which UK house prices have been rising, confirmed by the 0.1% increase in June, is beginning to concern many in the UK property arena. While only a few months ago a number of analysts stepped forward with concerns about the potential for a slowdown in the second half of 2010, in many ways these fears were discounted and ignored. However it does look as tho...
Read MoreGet on your bike to save money
Before anybody begins to fret, we are not recommending biking to work or even biking on long journeys!
If we are all honest there are probably a significant number of journeys we make each day in the car which really we could do without. Whether this is a short journey to the shops, dropping off a friend or child at someone's home or even dropping the kids off at school, there are m...