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19/05/2008
40% Drop In House Sales According To RICS
Sales of houses could fall by 40% this year according to a study by the Royal Institution of Chartered Surveyors (RICS).
RICS warned this rapid decline will effect house buyers who are looking for a mortgage as the credit crunch bites.
Adding further to property owners woes, prices are to slip by around 5%. The organisation also predicts that repossessions will rise to 43,000 in 2008 compared to 76,000 during 1991.
In the 2008 Housing Forecast published by the RICS it states: "It is hard to ignore the sheer weight of negative news stories surrounding the residential property market at this point in time. Access to mortgage products is being restricted, the levels of transactions have pluged and prices do now appear to be slipping whichever index one looks at."
Commenting on whether the current economic climate could bring about a wave of forced selling of property, it said there is "precious little evidence for such an assertion" and that news instructions to sell have actually declined in ten out of the last eleven months.
RICS Chief Economist Simon Rubinsohn said: "This could have important ramifications for the wider economy - not only hitting the property industry directly but also impacting on a broad range of related sectors, whether high street purveyors of home furnishings and white goods or financial intermediaries involved in providing mortgage advice."
Summarising the RICS said: "Our best guess is that prices will continue to gently ease back during the remainder of 2008 which will leave the DCLG index around 5% lower in the final quarter of the year compared with the eqivalent period of 2007.
"On the upside, the imbalance between the demand and supply could help provide a floor under prices particularly if the credit cruch shows some signs of thawing in response to central bank initiatives on both sides of the Atlantic."
The RICS also said the drastic fall-off in deals could hit consumer spending by more than 8% compared with last year.
In the past month house prices have dropped in the West London suburbs of Ealing by 2.7% and Hammersmith and Fulham by 1.6%.
RICS predicts the fall in house prices will be less severe than that of the early 1990s.
(CD/JM)
RICS warned this rapid decline will effect house buyers who are looking for a mortgage as the credit crunch bites.
Adding further to property owners woes, prices are to slip by around 5%. The organisation also predicts that repossessions will rise to 43,000 in 2008 compared to 76,000 during 1991.
In the 2008 Housing Forecast published by the RICS it states: "It is hard to ignore the sheer weight of negative news stories surrounding the residential property market at this point in time. Access to mortgage products is being restricted, the levels of transactions have pluged and prices do now appear to be slipping whichever index one looks at."
Commenting on whether the current economic climate could bring about a wave of forced selling of property, it said there is "precious little evidence for such an assertion" and that news instructions to sell have actually declined in ten out of the last eleven months.
RICS Chief Economist Simon Rubinsohn said: "This could have important ramifications for the wider economy - not only hitting the property industry directly but also impacting on a broad range of related sectors, whether high street purveyors of home furnishings and white goods or financial intermediaries involved in providing mortgage advice."
Summarising the RICS said: "Our best guess is that prices will continue to gently ease back during the remainder of 2008 which will leave the DCLG index around 5% lower in the final quarter of the year compared with the eqivalent period of 2007.
"On the upside, the imbalance between the demand and supply could help provide a floor under prices particularly if the credit cruch shows some signs of thawing in response to central bank initiatives on both sides of the Atlantic."
The RICS also said the drastic fall-off in deals could hit consumer spending by more than 8% compared with last year.
In the past month house prices have dropped in the West London suburbs of Ealing by 2.7% and Hammersmith and Fulham by 1.6%.
RICS predicts the fall in house prices will be less severe than that of the early 1990s.
(CD/JM)
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11 May 2010
'Spring Bounce' For Property Market
Britain's housing market enjoyed a 'spring bounce' in April, according to research by the Royal Institute of Chartered Surveyors (RICS). The research showed both property prices and sales levels were rising last month. Approximately 17% of surveyors reported a rise in April, up from 9% in March.
'Spring Bounce' For Property Market
Britain's housing market enjoyed a 'spring bounce' in April, according to research by the Royal Institute of Chartered Surveyors (RICS). The research showed both property prices and sales levels were rising last month. Approximately 17% of surveyors reported a rise in April, up from 9% in March.
08 March 2011
London Property Market On The Up
There has been more evidence of further widening between regions in the UK's housing market. The Royal Institution of Chartered Surveyors (RICS) said this became increasingly noticeable during February, led by an improvement in London, while large parts of the North, East and Midlands continued to experience a more downbeat picture.
London Property Market On The Up
There has been more evidence of further widening between regions in the UK's housing market. The Royal Institution of Chartered Surveyors (RICS) said this became increasingly noticeable during February, led by an improvement in London, while large parts of the North, East and Midlands continued to experience a more downbeat picture.
06 August 2009
Housing Market Will Still Face Challenges, Says RICS
Surveyors have predicted that house prices will end "slightly higher" than last year, however the market will still face challenges in 2010. The Royal Institute of Chartered Surveyors (RICS) report said rising unemployment and increases in mortgage rates will limit the recovery in house prices.
Housing Market Will Still Face Challenges, Says RICS
Surveyors have predicted that house prices will end "slightly higher" than last year, however the market will still face challenges in 2010. The Royal Institute of Chartered Surveyors (RICS) report said rising unemployment and increases in mortgage rates will limit the recovery in house prices.
07 September 2005
Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
28 November 2011
2011 House Prices Down 3%
Britain's house prices have tumbled by another 3% this year according to official figures published on Monday morning. The October data from Land Registry's flagship House Price Index showed an annual price decrease of 3.2%, which takes the average property value in England and Wales to £159,999.
2011 House Prices Down 3%
Britain's house prices have tumbled by another 3% this year according to official figures published on Monday morning. The October data from Land Registry's flagship House Price Index showed an annual price decrease of 3.2%, which takes the average property value in England and Wales to £159,999.
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