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.
Can we believe the figures coming from the estate agent market?
Despite the fact that mortgage liquidity in the UK is still at near record lows the National Association of Estate Agents has released information this week suggesting that each property for sale is attracting four buyers. Many people are sceptical of such upbeat figures although they are based upon buyers registering their interest with local estate agents. So what do these figures tell us?
Hotel stays 'an alternative' to buying or renting
Many Britons are seeking out a "third" way of accommodation - by staying in a hotel.Celebrity financial expert Lorne Spicer said that the homeowning alternative was becoming popular, due to the recent falls in the property market.Today, Nationwide revealed that house prices have fallen by over 12 per cent in a year - while rents are also on the up thanks in part to increasing demand.Hotels.com, ho...Read More
What will happen when more properties come onto the market?
As we have covered over the last few weeks, a number of property experts believe that the UK property sector is set to move higher in the latter part of 2009 and may actually move into positive ground compared to prices at the start of the year. However, cynics suggest that much of the increase in the "average price of a UK home" is primarily because of a shortage of quality homes on the market wh...Read More
How can the government use the 762,000 empty homes in the UK?
As repossession levels look set to hit record levels across the UK there is concern that over 762,000 UK homes are empty and unused at this moment in time. The figure contains a number of repossessed properties and those which have been built but not sold. However, there is some debate as to how the government could legally and morally make use of these empty properties in these troubled times.
Has the fall in commercial property gone too far?
John Caudwell, the billionaire founder of Phones4U, has today revealed he is moving into commercial property in a big way. The leading light in the mobile phone industry believes that the fall in commercial property values has gone too far and sees good value on a medium to long-term basis. Many experts in the sector believe this is a possible sign that the market could be bottoming out and we cou...Read More