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.
Completion time on home sales falls despite signs of slowdown
The slowdown in the housing market may not be as marked as has been suggested, new figures indicate. According to the LMS Quarterly Market Efficiency Monitor the average time taken to sell a home in the UK during the first three months of this year fell to 55 days compared with 56 days for the corresponding period last year. The fall was most marked in the North of the country, where the completio...Read More
Living in a sellers' paradise
In the tug-of-war over where to place the cost of moving, Woolwich has shown that sellers are currently winning out over buyersSavvy sellers have wised up to the fact that estate agents are desperate for quality housing stock and have been negotiating fees to that effect.Where the cost of moving was £5,181 last year, sellers have managed to knock about ten per cent off the pricetag and can now re...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
Minister calls for an end to the boom and bust UK property market
UK housing minister Grant Shapps has fallen into a similar trap to that set for Gordon Brown by declaring that the UK government is looking to avoid the traditional boom and bust scenario in the UK property market. Time and time again politicians seem to ignore the fact that boom and bust economic cycles have been occurring forever and a day and ultimately they are down to the sentiment of investo...Read More
HBOS Calls It A Day On 53 Estate Agency Branches
News that HBOS has closed down 53 of its Halifax estate agency branches was not totally unexpected but may not be the last of the closures. The move has resulted in 100 job losses with news that elsewhere in the group 450 employees have been relocated to different areas of the company. While this news is still being digested it also seems as though HBOS will consider 'selective asset disposals'...Read More