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.
Are Brokers Set To Bail Out UK Housebuilders?
While the likes of Barratt Developments has been at the centre of much speculation about their financial position, the sector as a whole has seen a number of doom and gloom forecasts for the months ahead. While Barratt’s came forward to dismiss the rumours of a financial crisis, the company did not dismiss out of hand the fact that funding may be required to continue trading. So what is go...Read More
The great mystery of UK house price increases
Each day seems to bring a little more positive news on UK house prices which on the whole appear to be rising in what is still a very depressed and difficult economic environment. Unemployment continues to push ahead, more people are in negative equity, more and more people are falling behind with their mortgage payments and ultimately the financial pressure is increasing in many parts of the UK p...Read More
Are buyers returning to the UK property market?
The Royal Institute of Chartered Surveyors (RICS) has confirmed that property market queries have increased for the third month in a row with a 16% rise in January. While these property related enquiries have yet to translate through to actual sales, which are still near a three-month low, there is hope that it is only a matter of time. As prices continue to fall in many areas, UK property investo...Read More
UK housing market decline 'worst since 1992'
The rate of decline in house prices across Britain is at its most severe since the property slump of the early Nineties, according to a gloomy report from the Royal Institution of Chartered Surveyors (Rics).Surveying its member surveyors, Rics found that 49.1 per cent more reported house price declines than rises in December 2007, the most negative the price balance percentage has been since Novem...Read More
Housing market dying down
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