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UK property year on year growth turns negative for first time in six months

March 31, 2012 By Leave a Comment
renting

The price of a typical UK residential property fell by 1% in March and prices are now averaging £163,327, some 0.9% lower than a year ago, according to the latest figures from the Nationwide Building Society published today (Thursday 20 March. It means that the year on year rate of house price growth is now in negative territory for the first time in six months. But on a quarterly basis just over half of the 13 UK regions recorded annual price growth in the first quarter of 2012. The North saw the strongest quarterly growth rate, with prices up 0.6%. This pushed the annual rate of price … [Read more...]

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Average property discounts hit all-time high

February 9, 2012 By Leave a Comment
renting

Over a third (36.7%) of UK properties for sale currently have been reduced in price at least once since first coming onto the market. The average discount off the original asking price being offered by sellers across the UK on these homes now stands at £19,580 (7.5%), according to property search website Zoopla.co.uk. The average discount on price-reduced properties on offer today is over £1,000 more than this time last year when it stood at £18,475 (7%). Homeowners have slashed huge sums from their original asking prices in an attempt to attract buyers. The total amount reduced from … [Read more...]

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First-time buyers need ‘first-time sellers’

February 6, 2012 By Leave a Comment
renting

Rightmove’s latest First-Time Buyer Report forecasts a marginal rise in prospective first-time buyer levels for the year ahead, but also finds evidence of a new hurdle on the path to home-ownership as a lack of choice increases the difficulty in finding a suitable property to buy. The proportion of buyers who intend to purchase their first home over the next year has edged up to 24.3%, up 1.4% on last quarter and 1.5% year-on-year. However, analysis by Rightmove, which advertises around 90% of homes currently for sale in the UK market, also finds that the number of new properties … [Read more...]

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Consumer confidence in UK property market stable despite economic gloom

December 27, 2011 By Leave a Comment
renting

Almost half of consumers in the UK feel that now is a good time to buy property as confidence in the housing market remains stable despite the gloomy economic outlook predicting that the country could be heading for a double dip recession. The 14th quarterly Property Tracker survey from the Building Societies Association (BSA) shows that 44% would buy now compared with 41% in the March survey. Just 25% said it was not a good time to buy. Consumer sentiment is regarded as a key indicator of future activity in the property market and provides an early snapshot of potential activity in … [Read more...]

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UK property market will see gradual recovery in 2012

December 27, 2011 By Leave a Comment
UK Housing

The National Association of Estate Agents (NAEA) has revealed its predictions for the UK property market over the next 12 months. NAEA chief executive Peter Bolton King said 2012 will see a ‘gradual’ recovery for the UK property market, as it continues to bounce along the bottom. But there will be no great upturn to mark a change from the previous 12 months. ‘I don’t believe that we will see a significant fall in house prices over the next 12 months as some have feared. But equally, it is unlikely we will see any great upturn to help the market back to full capacity. It is likely … [Read more...]

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UK property wealth gap widens

October 25, 2011 By Leave a Comment
Barnton Avenue, Edinburgh, Showhome

The UK property market has split into two segments, with high end property prices rising as the rest of the market declines. This is according to the latest prime index from property website PrimeLocation.com. Its monthly index reveals that prime properties – that’s the top quarter of the market by value – saw asking prices increase 0.5% in September, continuing a seven month rally in which asking prices for prime properties hit new heights. The average price of a UK prime property is currently £472,340. The latest increase coincided with a second consecutive monthly fall in the … [Read more...]

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Leading UK property business expects subdued outlook

August 22, 2011 By Leave a Comment

Leading British based residential property business Grainger expects the UK property market to continue being affected by the subdued economy. The company said it had made £79.5 million pounds of sales in the four months to the end of July, and had a further £40.5 million worth in solicitors' hands or exchanged. This took Grainger's total sales pipeline for the year to £189.2 million from £154.8 million a year ago. ‘The resilience and liquidity of our portfolio continue to be evidenced by strong sales in excess of valuation, despite ongoing challenges in the residential market,’ … [Read more...]

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Over 21,319 UK residential properties on the market for £1 million in the UK.

August 17, 2011 By Leave a Comment
Barnton Avenue, Edinburgh, £1m properties for sale.

Research commissioned by Investec Specialist Private Bank reveals there were 21,319 UK residential properties on the market for GBP1 million or more during the second quarter of 2011.  This is 10% higher than the same period in 2010, and 8% more than the first three months of this year. Collectively, they were worth over GBP47.76 billion, which equates to GBP2.24 million per property. Investec Specialist Private Bank believes many of these properties will require mortgages, but a number of lenders only provide finance against the value of the property you are looking to buy. In contrast … [Read more...]

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Reasons to be cheerful about the UK housing market part one,two but sadly not three!

July 20, 2011 By Leave a Comment

As the firestorm of European peripheral debt worries circle Europe and further afield we see continuing debt ceiling worries in the United States there are also questions about the UK economy. If we look back we see that the last quarter of 2010 and the first quarter of 2011 offset each other by one falling by the same amount as the other rose so we had no economic growth at all. Looking forward there are concerns for the economic growth figures for the second quarter too as for example the National Institute for Economic and Social Research has already produced its monthly flash estimate … [Read more...]

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House sales fell by 14% in June

July 4, 2011 By Leave a Comment
valuing your home 2

The number of houses sold in June fell by 13.7% compared to May, the latest Agency Express Property Activity Index reveals. However, there was significant regional variation, with the North West and Scotland seeing the biggest increases in house sales, of 26.3% and 17.7% respectively. At the other end of the spectrum, sales declined by 18.8% in the South East and by 15.9% in Greater London. Across the UK, the number of new for sale listings in June dropped by 10.2% compared to May. Stephen Watson, managing director at Agency Express, says: “Whilst it’s disappointing to … [Read more...]

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