Estate agents turn gloomy on the UK market
Estate agents in the UK have turned dramatically gloomy on the UK market with the latest survey from the Royal Institute of Chartered Surveyors showing that a balance of 32% more estate agents saw a reduction in prices in August compared to those who saw arise. This is the highest reading from this particular survey since May 2009 and comes amid suggestions that UK property sellers may well need to reduce their prices by up to 10%.
A number of estate agents have stepped forward to comment upon the lack of first-time buyers in the market due to funding problems in the short to medium term. As a consequence this has depressed the market as a whole and with more people now looking to sell their property against those looking to buy the balance has certainly swung in favour all buyers. As the number of properties on the market continues to rise it is almost inevitable that we will see prices soften in the short term with sellers becoming more and more desperate.
We are moving back to a situation we last saw in the depths of the recession when sellers were desperate to sell their properties and potential buyers were happy to sit on the sidelines.
Share this..
Related stories
Bank of England gives confusing opinion on UK property
Only a few days ago a member of the Bank of England's monetary policy committee suggested that the UK economy was on the crest of a recovery and the worst was over. Many people took this to be the official line from the Bank of England although over the weekend another member of the monetary policy committee has suggested that the UK property sector may stall in 2010 and could actually go into rev...
Read MoreBe careful of that last minute chase to save stamp duty costs
The end of the year sees the UK governments stand duty reduction come to an end with properties valued between £125,000 and £175,000 attracting a 1% stamp duty charge from 1 January 2010. Currently the UK government has exempted property purchases within this specific range in an attempt to try and inject some confidence and interest into the UK housing market.
While there is no d...
Property slowdown 'could hit first time buyers'
Contrary to some hopes that a slowdown in the property market could result in more people being able to get onto the bottom rung of the ladder, it has been claimed that the current circumstances could be bad news for first time buyers.Lucian Cook, director of research at Savills, warned that first time buyers are unlikely to benefit immediately from a slowdown in property prices and the global cre...
Read MoreLondon house price gap largest since records began
02/04/2014 London house prices are now twice as much as outside the capital. It will now cost an extra £183,000 on average to purchase a home inside London compared to the rest of the UK. Whilst there’s always been a premium paid on house prices in the capital, the gap is now at its largest since detailed records began in 1978. When records first began, the difference was less than 10%, m...
Read MoreLondon property sales return to 2007 highs
The number of prime properties - properties costing in excess of £2 million - sales completed in London rose by 105% in March compared to the figure in February. There has been an overall increase of 83% for 2010 so far with each and every estate agent in and around the capital reporting very high demand for properties. As we have mentioned on numerous occasions, there is no doubt that the Lon...
Read More