Archive for the 'House Prices' Category

For the first time since July last year, more surveyors report that they have seen prices fall in the last three months, than those who have seen prices rise – although the majority say that they haven’t seen any movements in prices.

The Royal Institution of Chartered Surveyors (RICS) say that the fall is due to more people putting their property on the market, while there are fewer inquiries due to people finding it difficult to obtain mortgages, and some people being put off by a fear of unemployment.

RICS spokesman Ian Perry said “Significantly, the forward-looking price expectations numbers suggest that this softer trend will continue through the second half of the year.

The Department for Communities and Local Government’s house price index also reflects the fall in property prices. It shows the annual rate of increase fall to 9.9% in June, from 10.6% in May.

What do people feel about this? Are you glad that the property you have your eyes on, isn?t getting more expensive? Or are you more concerned about the value of your own property? Leave a comment to share your views.

Nationwide’s figures for January 2010 show that house prices rose by 1.2% in month, and bring the year on year rate of increase to 8.6%. This brings the cost of the average UK home to £163,481. Following 9 consecutive months of property price increases, then unless there is a sudden change in February, annual rate of price increase will move to double figures for the first time since May ’07.

News that the UK economy finally emerged from recession in the fourth quarter of 2009 has strengthened confidence in the property market, even though the emergence was very weak (i.e. 0.1%!).

Unfortunately though, house price increases are not being matched by average earnings increases, with many workers facing pay freezes or even cuts. This could ultimately at least slow the house price recovery or even bring it to a halt, if demand for houses drops.