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05/01/2009
House Prices To Remain Depressed This Year
House prices look set to fall further this year, resulting in a peak to trough price decline of at least 25%, according to Royal Institute of Chartered Surveyors' (RICS) housing market forecast.
The on-going caution of lenders and the worsening economic climate is likely to result in a decline in house prices of around 10% over the next 12 months. However, recent RICS housing market surveys indicate transaction activity may have reached the bottom and we could see an increase in sales of more than 10% during 2009.
New buyer enquiries have climbed to their best level since October 2006. The key to turning these enquiries into sales will be the availability of funding. With mortgage approvals currently hovering just above 30,000 per month compared to the 129,000 seen at the height of the most recent boom and now at 64% lower than 12 months ago, the Government needs to secure an adequate supply of mortgage finance for credit worthy borrowers. Although the recommendations contained in the Crosby Review are no panacea for the current challenging climate, they should help ensure some increase in the flow of secured lending.
Meanwhile, house building is set to continue to shrink throughout 2009. New housing starts for 2008 are unlikely to be much above 110,000, a figure far lower than recorded during the recession of the 1990's, and output is set to plunge to a new low in 2009 with new starts expected to fall comfortably under the 80,000 mark. This figure is well below the Government's target for building two million new homes by 2016 and highlights the risk of yet more house price volatility in the medium term.
(CD/JM)
The on-going caution of lenders and the worsening economic climate is likely to result in a decline in house prices of around 10% over the next 12 months. However, recent RICS housing market surveys indicate transaction activity may have reached the bottom and we could see an increase in sales of more than 10% during 2009.
New buyer enquiries have climbed to their best level since October 2006. The key to turning these enquiries into sales will be the availability of funding. With mortgage approvals currently hovering just above 30,000 per month compared to the 129,000 seen at the height of the most recent boom and now at 64% lower than 12 months ago, the Government needs to secure an adequate supply of mortgage finance for credit worthy borrowers. Although the recommendations contained in the Crosby Review are no panacea for the current challenging climate, they should help ensure some increase in the flow of secured lending.
Meanwhile, house building is set to continue to shrink throughout 2009. New housing starts for 2008 are unlikely to be much above 110,000, a figure far lower than recorded during the recession of the 1990's, and output is set to plunge to a new low in 2009 with new starts expected to fall comfortably under the 80,000 mark. This figure is well below the Government's target for building two million new homes by 2016 and highlights the risk of yet more house price volatility in the medium term.
(CD/JM)
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26 February 2009
House Prices Drop By 1.8%
The price of a typical house fell by 1.8% in February bringing the annual rate of change to -17.6% according to the latest figures released by the Nationwide. The average house price has now fallen to £147,746, compared with £179,358 at the same point last year.
House Prices Drop By 1.8%
The price of a typical house fell by 1.8% in February bringing the annual rate of change to -17.6% according to the latest figures released by the Nationwide. The average house price has now fallen to £147,746, compared with £179,358 at the same point last year.
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.
14 May 2015
House Prices Increase Due To Shortages
House prices increased in all regions of the UK in April, while new instructions fell, according to a new survey.
House Prices Increase Due To Shortages
House prices increased in all regions of the UK in April, while new instructions fell, according to a new survey.
25 February 2005
Liberal Democrats launch housing scheme
Liberal Democrats leader, Charles Kennedy, has announced plans to create 100,000 affordable homes, as part of the party's housing policy. The new scheme aims to help first-time buyers get a foot onto the housing ladder through a mutual ownership trust scheme.
Liberal Democrats launch housing scheme
Liberal Democrats leader, Charles Kennedy, has announced plans to create 100,000 affordable homes, as part of the party's housing policy. The new scheme aims to help first-time buyers get a foot onto the housing ladder through a mutual ownership trust scheme.
10 June 2008
House Prices Continue To Fall
The housing market is offering little comfort for homeowners as house prices continue to fall. For many with mortgages, the value that has been borrowed could be greater than the value of the property.
House Prices Continue To Fall
The housing market is offering little comfort for homeowners as house prices continue to fall. For many with mortgages, the value that has been borrowed could be greater than the value of the property.
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Northern Ireland WeatherThis Evening and Tonight:A mostly dry evening and night with a widespread frost developing along with freezing fog, which could become extensive, especially in the south. Winds remaining light. Minimum temperature -3 °C.
