UK house prices under pressure
A report by the Halifax has today confirmed a 0.1% reduction in UK house prices in April following on from a 1% increase in March. It appears that growth in the number of properties available for sale has seen upward pressure on prices reduce, something which is likely to remain for the foreseeable future. However, despite a fall in prices during April the average UK house price has still increased in value by 6.6% over the last 12 months.
It seems as though the general upward trend in UK house prices has tempted more and more people to put their properties up for sale which has reduced pressure from buyers. As there is now more variety on the property market we could actually see UK house prices come under pressure in the short to medium term with political uncertainty and problems within Europe also playing a role. An 18% reduction in the number of mortgage approvals during the first three months of 2010, compared to the final quarter of 2009, does not bode well for the immediate future especially if the number of buyers continues to dwindle.
There are a number of factors now affecting the UK housing market and we may well be in for a period of consolidation at best.
Share this..
Related stories
Northern Ireland house prices continue to fall
Despite indications that the UK housing market is showing signs of recovery the same cannot be said of Northern Ireland where prices are still falling at a substantial rate. Amid claims that the average UK property value rose by 1.1% in the second quarter of 2009 the same period in Northern Ireland showed a fall of 4.7%. So why the big difference?
When you consider that the average...
Public still holding out against Hips
Nearly half of all homebuyers in the UK say that they would distrust the contents of a Home Information Pack (Hip), according to research from Saga Home Insurance.As many as 47 per cent of property investors say that they are still opposed to the introduction of Hips, which are due to become compulsory in August for sellers who own homes with more than 3 bedrooms.Perhaps these findings are not sur...
Read MoreNew government scheme will secure landlord deposits
A press and radio publicity campaign has been started to raise awareness about a new government scheme which will help secure deposits for both tenants and landlords. The government's new Tenancy Deposit Protection (TDP) scheme will be launched in April this year and will especially be aimed at ethnic minority communities. TDP will aim to make sure all tenants are repaid their correct entitlement...
Read MoreUK house prices back to 2006 levels
Despite the fact that house prices in England and Wales have increased each month for the last eight months, and are in fact 8.4% higher than a year ago, they are only now back to levels seen some four years ago in August 2006. This was 12 months before the credit crisis struck home and perfectly illustrates how the UK property market, and indeed the worldwide property market, suffered during the...
Read MoreWhy do we depend so much on the property market?
While we have touched on this subject in some of our earlier post it is still a subject which confuses and annoys some people. Why do we really depend upon the property market so much? Why is it such an integral part of our lives?
There are many reasons why we depend on the property market which include:-
Some where to live!
While this may seem the mos...