Is there oversupply in the UK property market?
A number of property surveys in relation to the UK property market have highlighted the fact that the UK market is moving into an "oversupply" situation. When you also take into account that many buyers are now sitting on the sidelines waiting for prices to fall further, the situation could become worse before it gets better. So why have more people decided to sell their property?
There is no doubt that the hard-hitting press headlines regarding the UK economy and a potential double dip recession have upset many people. Just when the vast majority of households in the UK began to see light at the end of the tunnel the UK government stepped in with significant budget cuts and tax increases in the short-term. As a consequence, and bearing in mind that the global economy is beginning to struggle, more people are now looking to sell their property at a lower price than they may have achieved just weeks ago, with buyers now very much in the ascendancy.
Liquidity issues within the UK mortgage market are also causing concern with many first-time buyers effectively priced out of the market due to the need for a significant deposit. Until this situation changes we are likely to see further downward pressure with more and more buyers holding back or pushing for "unrealistic prices".
Will City rents increase in 2010?
A report by property consultants King Sturge claims that the rental values will increase by up to 10.5% in the City of London in 2010. While this is obviously a massive U-turn compared to the 40% collapse in rental values during the recession there is some concern about the basis upon which these forecasts have been calculated. The consultant seems to be ignoring the fact that a number of promi...Read More
Land Registry figures show house prices continue to rise
House prices in England and Wales have risen for the fifth month in a row according to data released by the Land Registry. It would appear that the average property in the UK increased in value by 0.6% during October with the average UK property now back to levels seen last November. If we look back, October and November were the most difficult months for the UK financial system, UK property marke...Read More
Should we believe the Nationwide forecast for the property sector?
Despite the fact that many analysts and economists are downbeat on the prospects for the UK economy in 2010, today's Nationwide report on UK property sector seems to offer a very different opinion of the prospects for the UK. The report suggests that UK property prices will increase by around 10% in 2010 which is something many people do not agree with. So who should we believe? There is no dou...Read More
UK Property Auction Values Fall By 44% In May
To say that the UK property market is going through a very difficult time is something of an under statement but it seems that the once prosperous auction houses are also struggling to sell properties with sale values down a staggering 44% over the last 12 months. While May 2008 still saw over £415 million worth of property through the show rooms, this is well down on the May 2007 figure of £75...Read More
Rent prices increase 3.4%
25/01/2015 Rent prices in England and Wales increased by 3.4% over 2015, according to figures from estate agents Your Move and Reeds Rain. The figures show that the cost to rent a home has increased to its highest level ever in some regions, with the average cost of renting now at £794. The largest increase over the year was in the East of England where rents increase to an average of £83...Read More