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.
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Information gleaned from the influential Nationwide property survey seems to suggest that the price of a house in the UK has increased by almost £90,000 since the turn of the century! It is believed that the average property in the UK cost around £75,000 in the year 2000 and has since increased to around £162,000, even taking into account the recent downturn in property prices. This is an as...Read More
Scottish property market in short-term bounce
The Scottish property market produced a very surprising scenario this week with news from the Council of Mortgage Lenders that mortgages agreements for first-time property buyers increased by 18% to 4,700 in the second quarter of 2010. The total of these mortgage arrangements was £419 million which was again a significant increase of 27% against the first quarter of 2010. The situation for tho...Read More
HBOS Sell Stake In Rightmove
HBOS has offloaded its 13% stake in property business Rightmove, banking in excess of £50 million along the way. The stake was acquired for less that £8 million just eight years ago and represents a very useful profit for the under pressure banking group. As you might expect, the sale has sent shockwaves through the city with many taking this as a sign that the property boom is well and truly...Read More
Are house sales set to fall further?
Just when many people had started to see light at the end of the tunnel the Council of Mortgage Lenders in the UK has this evening suggested that house sales could fall to less than half of levels seen in 2007 as the property recession continues to kick-in. With 75,000 homeowners set to lose their properties in 2009 the next 12 months many homeowners are fearing financial destitution and severe ha...Read More
Land Registry figures show 15.1% annual fall in property prices
Official figures from the Land Registry show that UK property prices fell by 0.8% during January which equates to a 15.1% fall for the year to January 2009. While this is a little less than other property surveys have indicated it still shows a gradual decline in the UK property market. The average house price in the UK is now officially £156,753 which is around £28,000 lower than the figure jus...Read More