Over 200,000 homes in the UK could become uninsurable, and subsequently unmortgageable, because of their susceptibility to flooding. An agreement, which is set to expire next June, has ensured that even homes in the highest risk flooding areas across the UK can obtain buildings and contents insurance, if the Government promises to spend more improving flood defences.
There is increased downward pressure on house prices as the ratio between potential buyers and the number of properties on sale gets wider, according to a study.
And a separate study has revealed that mortgage payments worked out as a percentage of monthly disposable income has dropped to a 15 year low.
Research from Halifax has shown that owners of houses in the same districts as Premier League Football clubs have benefited from a rise in value of their property of 137pc over the last 10 years.
This rise equates to adding £404 to the average house per week for a period of 10 years. House prices over the last year have fallen dramatically in some areas, but those in the same district as top flight football teams have appreciated by 1.3pc, keeping the figures more respectable. But there are big variations as to the amount of value added for clubs in different parts of England.
Sellers of properties within the UK slashed house prices in the month of August, due to the Olympic Games causing a distraction to buyers, along with the faltering economy within the UK to blame too.
Data from Rightmove Plc indicates that asking prices in England and Wales fell by an average of 2.4pc as sellers battled against lack of attention from buyers.
The second quarter of 2012 has seen a fall in the amount of homes repossessed, despite the fact that the UK has remained in a state of recession, according to figures released by the Council of Mortgage Lenders (CML)
In the three months leading up to June there were a total of 8,500 homes repossessed by lenders, down from 9,600 in the first three months of 2012. This is lowest value recorded since the last quarter of 2010, and follows a seasonal pattern that can be witnessed over the last three years.
The Post Office has unveiled plans to post mortgage specialists across its branches in a bid to become a top 10 lender.
A pilot scheme will initially see mortgage specialists available to customers in Solihull, Birmingham, Walsall, Luton and Norwich; within the larger branches of the Post Offices’ network. The Post Office is hoping that the scheme will lead to an amount of specialists within the UK that will reach three figures, whose primary role will be to discuss the companies’ products with consumers.
There is set to be something of a standoff over the coming months, as buyers and sellers of houses within the UK lock horns over prices. There is a difference of opinion as to the price of housing from either side, with both seeking to gain as much as possible in the tough economy.
This is not good news for the UK housing market, and is likely to further stall sales of houses in the future, according to website, Rightmove.
Official statistics on property prices have presented some areas of the UK rising in value, with others falling. London homes are rising fastest in value, up 4.9% in the past year, compared to a national average of 1.4%. Prices in the North West of England dropped 1.3% (Office for National Statistics).
There has been a 0.1% house price fall in November, according to The Halifax.
The Lloyds Banking Group subsidiary claims that the price for an average property is now 0.7% cheaper than it was this time last year. The UK average house price now stands at £164,708.
A major reason for this fall is that demand is not matching supply but in a reverse way where there are simply more properties available than there are buyers willing to purchase.
The US authorities have confirmed plans to investigate the foreclosure industry amid concerns about the activity of some underlying participants. There is concern in some quarters that legal procedures which were put in place to protect homeowners may have been compromised in the rush to push through property sales as quickly as possible. A number of foreclosure companies this week confirmed they would review their own procedures but this is not enough for the authorities to cancel a planned investigation.
