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 firm but demand starts to weaken
In a rather bizarre situation we have seen the number of potential buyers in the UK property market fall in the four weeks to May 8 while the cost of houses in the UK increased by 0.7%. It is unclear as to why the price of houses in the UK would push higher if demand is weakening although in all honesty it has been near impossible to forecast the direction of UK property market in the short term....Read More
'No firm evidence of housing crisis,' says Assetz
UK house price growth has moderated over the last year, but there is scant evidence of a crisis, according to property investment group. According to data from Assetz House Price Watch, which employs data from the UK's leading monthly studies and collates it, the average UK property is now worth 1.7 per cent more than it was 12 months ago. This is in stark contrast to reports from Nationwide and H...Read More
Green home credentials 'put on standby'
The spread of integrated home entertainment systems will hinder efforts to cut energy consumption in Britain, a new report says.The Energy Saving Trust (EST) believes the proliferation of devices like set-top boxes, laptops, DAB radios and plasma televisions will account for an enormous 45 per cent of all electricity used in UK homes by 2020.Such an expansion will put pressure on efforts to tackle...Read More
Empty homes 'decreasing in number'
Empty properties in England are decreasing in number, according to a new survey from Halifax.A report from the lender revealed that there has been a nine per cent drop in empty homes in the last five years.Despite this, more than three per cent of the total stock in 17 English local authorities are empty properties, with more than half of these in the north-west of the country."It is highly encour...Read More
Younger potential homeowners concerned about short-term
A report by the Council of Mortgage Lenders has highlighted the challenges facing younger people in the UK who want to acquire their own property. The report suggests that 88% of those surveyed aged between 18 and 24 would like to acquire their own property within next 10 years but only 42% believe that this will be possible over the next two years. This perfectly reflects what is a difficult mark...Read More