UK house prices under pressure
A report by the industry body, the Royal Institute of Chartered Surveyors, has today cast a dark shadow on the UK property market the report showing that more members are seeing lower prices compared to those who are seeing an increase. The net balance on the survey was -8 which equates to a fall in UK property prices in the second half of 2010 in the region of 2 to 3%. This would leave house prices in the UK relatively flat for the year compared to 2009.
There is no doubt that negative press coverage over the last few weeks is beginning to impact upon the UK property market with buyers happy to stay on the sidelines and more sellers coming to the fore. If the situation continues in the short to medium term there is no doubt that prices will come under further pressure and what began as a small snowball could soon begin to grow.
Whether or not it is a case of more realistic pricing in the short to medium term or indeed a switch in the trend for improved demand for UK property remains to be seen. However, the UK economic outlook is not one which would support a recovery in the UK property market.
House sales 'at 30-year low'
House sales in the UK have fallen to a 30-year low, figures from the Royal Institution of Chartered Surveyors (Rics) have indicated.The average number of completed sales by each member of the Rics dropped to 10.9 between August and October, the lowest value since the record began in 1978.However, Rics members were positive about the future, with one fifth expecting sales to increase by the end of...Read More
Halifax house price survey shows small rise
Despite the fact there is doom and gloom around the UK property sector the Halifax house price survey for August showed an increase of 0.2% across the UK at a time when many were expecting prices to fall. However, it has to be said that the 0.2% increase does not compare well against the 0.7% increase in July but it does show that UK house prices are "holding their own" at the moment. In direct...Read More
So how much is your home worth?
As again we see mixed signals from the UK property market, with a suggestion that property prices are starting to move ahead, how much is your property actually work?
This is a question which more and more people up and down the UK will be asking themselves as financial concerns continue to mount and many look at ways to reduce their debt in the short term. While a sudden increase i...
Nationwide predicts another interest rate rise
Despite February's interest rate level not having risen, financial experts have predicted that homeowners could still see an increase very soon.Economists at Nationwide building society have forecast that the bank will increase the interest rate in order to bring it in line with house price inflation. Nationwide figures show that the average house price is has increased to £174,706 - a rise of £...Read More
PricewaterhouseCoopers issues depressing property report
PricewaterhouseCoopers has today issued a report on UK property market which will not make good reading for UK homeowners and investors. The report suggests that the recent spate of upbeat statements with regards to the UK property sector may have heralded something of a "false dawn" and they expect prices to fall in 2010 and remain flat in 2011. This appears to be at direct odds with a raft of ot...Read More