on Tuesday 14th September 2010
Find out what else turns agents gloomy
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Alongside rising rental returns and increased investor confidence, the Independent Property Databank recently revealed a 16.9 per cent rise in the UK quarterly property index.
The latest figures from the Investment Management Association show that the commercial property sector was the third most popular with investors in June, jumping from seventh the previous month.
More on commercial property market
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Thursday 26th August 2010
Despite the fact that we have seen an increase in the number of first-time property buyer mortgage options over the last few days this is not a trend which the vast majority of mortgage lenders in the UK have yet taken up. Many appear happy to sit on the sidelines and reduce their own risk/reward ratio while the UK property market continues to struggle.
More answers to first-time buyers
Despite of such negative views most property investors claim that this is the best time to buy and I guess they are right. Well, mortgage or its lack is in many cases the biggest issue but there are groups seeing in this advantage, for as long as there will be number of struggling property owners willing to sell with delayed payment. It is not that bad than for first-time buyers because they can have their dream home for little now and pay the full price later.
In 3-5 years all will change and we can hope that economy will stabilize and banks will become friendly again lending money to the most. Those people still will be f-t buyers but they will have a new credit history, they will build-up their deposit and could say: we are living in this house for 5 years paying rent and now we want to buy it. I think that most banks in 5 years time will lend them 75%.
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Aug 10
19
House prices down 1.7%
Would you bother much? This is temporary and want stay ‘down’ forever. The article below gives more details.
By Lee Boyce 16 August 2010
The research by property website Rightmove, found sellers trim asking prices slip by 1.7% during the month to August 7. This sent the average asking value down £4,091 to £232,241.
This comes after RICS last week reported a house price fall for the first time this year. However, the Rightmove fall is at odds with Halifax’s contradicting report that house prices were up 0.6% in July
Rightmove found that there has been a surge in sellers with the imbalance in supply and demand compounded as many house hunters take summer holidays.
Find out what more Rightmove said
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Source: Grant Saw Solicitors
The new law, the Assured Tenancies (Amendment) (England) Order 2010 which comes into force on 1 October 2010 is retrospective in that on that day any tenancy whose rent is more than £25,000.00 and less than £100,000.00 will be converted from an unregulated tenancy to an AST. Landlords who have entered into agreements on the basis that tenancies would not be ASTs will after 1 October find that they are.
There is an additional trap for high rent tenancies which commenced before February 1997 and which may now be afforded an even higher level of protection and which may as a result be difficult to repossess at all. …
Read the whole article HERE
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Aug 10
10
U.K. House Prices Decline
A separate survey of retail sales by the British Retail Consortium added another pessimistic note: Sales volumes grew at a slower pace in July than in June. The BRC attributed the slowdown to uncertainty over job security in the wake of the recently announced deep government spending cuts, which weighed on sales of larger-ticket items.
Read more HERE
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What a mess 🙂
Read more HERE
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A report by Capital Economics today forecasts that the UK property market could fall by up to 25% over the next two years wiping off almost £42,000 from the value of the average home in the UK. Despite the fact that only a few weeks ago there appeared to be hope for the future, with competition returning to the mortgage market, the outlook for the UK property market has down turned after the emergency budget. But are we now in danger of talking ourselves into a property recession?
There is no doubt that negative comments regarding the UK property sector will see more and more buyers waiting by the sidelines as cautious sellers begin to drop their prices and run for the exit door. In this scenario there are very few people who would “jump in with both feet” when the cost of a property tomorrow could be less than the value today. Is there no balance with regards to forecasts for the UK property sector?
Continue Reading HERE
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By Merryn Somerset Webb and published in FT.com
But the disappearance
of the most attractive product on the market is not the only worrying thing about the suspension. It isn’t entirely clear why NS&I decided to withdraw the products.
The press release says that NS&I was getting in more money in deposits than the government had asked of it. But, given the government’s current funding requirements, it is hard to see how the Treasury could dare to dream of having too much money – particularly sticky money of the kind they get via NS&I. Savers into these kind of certificates might have been more expensive than gilt buyers but they can usually be relied upon to roll their deposits over. There is no such certainty when it comes to global bond investors.
Continue reading HERE
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PropertyWire 14 July 2010
The latest property price index from the UK government shows that values were still rising in May and suggest the market, although slowing, is doing better than other reports suggest.
The UK house price index produced by the department of Communities and Local Government includes data based on mortgage completions during the month of May 2010 and shows that prices increased 0.7% in May and are 11% higher than in the same month last year.
The mix-adjusted average house price in the UK stood at £209,505 in May 2010, the figures also show and on a quarterly basis they rose by 1.7% in the quarter compared with a rise of 2.9% for the quarter ending February 2010
Overall annual average house prices rose 11.7% in England, 3.7% in Scotland and 10.9% in Wales but fell 1.1% in Northern Ireland. Annual average house prices paid by first time buyers in May 2010 were 11.6% higher than a year ago. Average house prices paid by former owner occupiers were 10.8% higher.
Read more HERE
And from the same source but 1 day earlier:
Surveyors expect UK property prices to fall in second half of 2010
Residential property prices are set to fall in the UK in the second half of 2010 as supply outstrips demand, but sales are expected to increase, according to a report published today (Tuesday July 13).
Weaker demand and increased supply is affecting the fragile recovery in residential real estate prices in the UK, says the June Housing Market survey from the Royal Institution of Chartered Surveyors.
Demand as measured by new buyer enquiries fell for only the second time since the latter part of 2008 while the net balance for new instructions rose to the highest level for three years impacting on sentiment for future price rises, it shows.
Some 10% more chartered surveyors reported a rise than a fall in house prices down from 22% in May the report reveals.
Although surveyors are still reporting house price rises in most parts of the country the increase in supply is pushing many of the regional net balances towards negative territory. The most notable exceptions to this trend are London and Scotland.
For further reading please click HERE
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