Confusing signals from the UK property market
Despite the fact that recent information released regarding the UK property sector would seem to indicate a downturn in business and property prices, the Council of Mortgage Lenders in the UK has confirmed a reduction in repossessions in the second quarter of 2010. A total of 9400 properties were repossessed in the three months to June 2010 which is down 400 from the previous quarter and down 2400 compared to same period last year.
As a consequence the Council of Mortgage Lenders has revised its forecast for repossessions for the full year to 39,000 against an initial forecast last year of 53,000. This also compares favourably to the total 47,700 properties which were repossessed during the whole of 2009. Again this would appear to indicate that fewer people are falling behind with their mortgage payments which would in itself indicate an improvement, or at least stability, in the UK economy.
However, this comes at a time when the public sector budget is being slashed, the economic revival appears to be flagging and UK property prices have started to downturn. Whether or not the new forecast of 39,000 repossessions in 2010 is revised, if the economy does falter in the second half of 2010, remains to be seen.
House Prices rise for fifth consecutive Month
House prices in the UK rose again in February, for the fifth successive month. Figures from Nationwide building Society show that the average price of a house in the UK now stands at £162,638, a rise of almost £1,500 from February 2012. There has been inconsistency in the housing market over the past twelve months, but there now seems to be a trend forming with rising prices for the last five...Read More
Persimmon sees 'balanced' property market
Recent interest rate rises have balanced out the UK's housing market, construction firm Persimmon says.The Bank of England has raised the base rate three times so far this year to its current rate of 5.5 per cent in a bid to curb upward inflationary pressures across the whole economy.With average house prices continuing to rise, albeit at a slightly slower rate recently, Persimmon says the hikes h...Read More
Is there trouble ahead for the UK property market?
Respected estate agency Savills has this morning delivered a rather downbeat and depressing report on the UK property market suggesting that while 2009 is seen by many as a recovery year, 2010 is likely to see UK property prices soften as the recession continues and economic trouble continues to build. The company believes that UK property prices will fall by 6.6% in 2010 and like so many other pr...Read More
The Queen Of The Property Market
She may be seen as just the head of state in the eyes of many of the UK population, but the Queen has a great head for figures, perfectly demonstrated by the £211 million record profits produced from her property portfolio. Even in times of trouble it seems as though the Queen can do no wrong, although the income from her portfolio does filter back to the UK government under ancient rules.
Estate agents complaints on the rise
More than 8,000 complaints from customers regarding their estate agent were recorded in 2006, the Ombudsman for Estate Agents (OEA) reports. The complaints, caused largely by administration problems with sale and purchase details along with customer's general distrust of estate agents, saw a year-on-year rise of more than a third Ã¢â‚¬" 2005 saw a total of 6,021 complaints registered with th...Read More