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 prices drop
Average asking prices for properties in England and Wales have dropped by 0.7 per cent - £1,656 - over the past month, according to the property website Rightmove. The average asking price for a home fell to £239,986 in November - down from £241,642 reported the previous month, adding fuel to suggestions that a slowdown in the housing market is starting to get underway. Prices fell in all regio...Read More
Google takes on the property sector
While Google has many fingers in many pies, the announcement that the company is looking towards a possible property portal in the future has caused some concern within the UK property market. Indeed yesterday we saw the shares of Rightmove, the U.K.'s leading estate agent, fall by over 10% on concerns that the Google operation could reduce Rightmove's significant market share in the UK. Even t...Read More
House Prices and Mortgage Costs to fall
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. Property analyst Hometrack, who conducted the study into house prices, say that prices...Read More
Redrow seeks to start building homes again
After a period of significant unrest and a collapse in demand for UK homes it has been revealed that UK house builder Redrow will soon begin building again. Steve Morgan, the original owner of Redrow, who recently regained control after a boardroom coup, has revamped the company's strategy and announced a wish to take advantage of any recovery in 2010. This is by far the most positive sign we have...Read More
It is the increase in UK property prices happening across the board?
While a number of recent surveys have suggested that UK property prices continue to increase it is becoming more and more apparent that price performances in different areas of the country can differ wildly. As ever, it is the South of the UK which is seeing the largest increase in property prices although there are a number of "hotspots" in the Midlands, the North and Scotland. The truth is th...Read More