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DCLG: house prices down in July

mrlvh77 — Thu, 14 Oct 2010 01:43:00 +0000

New figures from the Department for Communities and Local Government (DCLG) show the average UK house price falling by 0.3% in July, with the annual rate of inflation slowing to 8.4%, compared with 9.9% in June. On a country basis, annual house price rises were evident in England 9.0%; Scotland 3.7% and Wales 10.1%, while [...]

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Asking prices down for 3rd straight month, say Rightmove

mrlvh77 — Wed, 13 Oct 2010 01:42:35 +0000

It appears the housing market is headed for a double dip after property website, Rightmove, reported a further fall in asking prices in September. According to Rightmove, asking prices for residential property in England and Wales fell by 1.1% in the 5 weeks to 11 September – the third consecutively monthly fall. It follows falls [...]

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US housing starts jump, building permits up

mrlvh77 — Sun, 10 Oct 2010 01:41:23 +0000

There was some good news from the US housing market today after the Commerce Department revealed housing starts jumped in August to a four-month high. According to the Commerce Department, construction of new US homes rose 10.5% last month to a seasonally adjusted annual rate of 598,000 units – beating analysts expectations of 550,000. In [...]

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Land Registry: house prices up 0.3%

mrlvh77 — Thu, 07 Oct 2010 01:37:10 +0000

The Land Registry’s latest house price index shows the average cost of a home in England and Wales rising by 0.3% in August. Having seen the fifth consecutive monthly increase, the value of the average home stood at £167,423, although on an annual basis the typical house price gain fell slightly compared with July, to [...]

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Halifax names property hotspots

mrlvh77 — Sun, 03 Oct 2010 20:29:48 +0000

Ilford in Essex is the leading property sales hotspot in England and Wales, with an 85% rise in the number of homes sold in the first half of 2010, compared with the same period of 2009. Research from Halifax has identified Croydon and Maidenhead as the runners up, with sales rising 73% and 71% respectively. [...]

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House prices slip 0.4%

mrlvh77 — Sun, 03 Oct 2010 20:16:01 +0000

Hometrack recorded a 0.4% fall in house prices across England and Wales in September, as buyer demand slid by 2.9%. The average amount of time needed to sell a property increased to 9.3 weeks, up from 8.9 weeks in August. The South West posted the largest monthly decline, at 0.6%, followed by -0.5% in the [...]

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Cash-poor Brits

mrlvh77 — Mon, 30 Aug 2010 02:24:17 +0000

‘boosting equity release uptake’.

Freeing up money tied up in property by taking out an equity release mortgage is becoming more popular, according to a leading financial advisor.

The rise in the number of people opting for this financial product has been attributed to the “property-rich, cash-poor” lifestyle many Brits are enjoying at the moment, according to Ark Financial Planning, which specialises in taxation and trusts, pensions and mortgages.

However, the company’s co-founder and co-director, Phil Perry suggests it is a viable alternative to downsizing houses, which may not be possible for many people.

He explained: “There are only certain people that will actually benefit from a downsize of a property, and it’s those that have properties that have gone up in value.

“You do find that people who have got nothing will try to release as much as they can and it will impact on the benefits that they may have been receiving.”

The Society of Equity Release Providers revealed earlier this month that it expects a surge in equity release, caused by lenders attempting to strengthen their capital bases and concern over interest-only mortgages.

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Less new homes are being built

mrlvh77 — Sun, 13 Dec 2009 02:20:21 +0000

It also seem that the government hasnt put in any measure to help stimulate the construction industry, as suggested in the pre-budget report.

According to reports there has been 19 percent decline in new homes being built compared to this time last year. With further report of a 5 percent decline in new orders for constructions, it seem the shortage could cause prices to rise due to lack of properties available to meet demands.

House Prices Could Fall In 2010

mrlvh77 — Tue, 08 Dec 2009 17:36:40 +0000

James Thomas, Head of Residential Development and Investment at Jones Lang LaSalle, commented: “Whilst there is evidence to suggest the UK economy is in recovery mode there remain question marks about the depth and sustainability as well as how the public finances can be repaired, quite possibly under a new government.

“The recent pick up in house prices is based on fragile economic fundamentals such as a weak pound, which has driven overseas buyer demand, and a boost from the stock market recovery, both of which are unlikely to be as supportive during 2010.

“It is very probable the present recovery will stall next year with prices falling by seven per cent as the rate in the increase of new buyers to the market eases, while the low number of properties on the market bottoms out and starts to rise again.

“The overhang from 2010 is expected to make 2011 a difficult year but thereafter we can expect the potential for strong house price growth of six per cent per annum as an improving economy forces increased housing demand to come face to face with restricted supply.

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Google set to enter UK property market

mrlvh77 — Sun, 06 Dec 2009 03:07:45 +0000

Google is in talks with British estate agents to launch an online property portal, which experts say could pose a serious threat to existing property websites and local newspapers.

The giant US internet search company launched a property portal in Australia last August through which estate agents list properties for free, showing both pictures taken from its Street View service and details on a map.

Estate agents and property websites expect Google to launch a similar portal in the UK in early 2010, attracting substantial advertising revenue.

Ed Mead, commercial director at Douglas & Gordon, the estate agency, said that it had spoken to Google about the plans. “It looks very simple. If it stays free, then Google has a massive winner on its hands as it will get the backing from estate agents currently paying for rival sites.”

Savills’ Jonathan Cunliffe said: “The interesting thing will be to see how and if they charge for content; that is where the battle between the portals might begin.”

Google refused to comment

Rightmove, the market leader, said that it had no knowledge of Google’s plans, but that a similar service as provided in the US and Australia did not necessarily represent a threat to its dominance among estate agents.

Early signs suggest that Australian estate agents have not abandoned advertising on existing websites.

Ed Williams, managing director of Rightmove, said: “We provide visibility of brand and logo. Agents are spending money on raising brand awareness, not getting more properties online.”

Rightmove charges estate agents an average of £325 per month.

Douglas McCabe of Enders Analysis said: “This sounds like a serious problem for Rightmove and others like them, depending on the model Google uses, but eventually it will affect everyone and newspapers will suffer another chapter in the story of consumers being more and more aware of alternatives to their classified advertising.”Local newspaper property advertising fell by as much as 65 per cent last year, a combination of the downturn in property and the rival service offered by property websites.

Another analyst said: “It would appear that the property websites have got a very difficult and unpleasant choice to make here as to whether they co-operate with Google or not.”

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