RICS makes prediction on house prices

Recently the Royal Institute of Chartered Surveyors has made some predictions with regards to house price movement in the UK. Read more

Tags: downturn, house prices, Household, Royal Institute of Chartered Surveyors, Unit, intervention, Royal Institution of Chartered Surveyors, RICS

Auction cut prices on property

Potential property purchasers that want to take their chances on properties that go up for sale at auction could benefit according to a recent report, which suggests that auctions are cutting the prices of their properties. Auctioneers are being forced to cut the prices on properties going under the hammer due to the housing slump, and many buyers heading for the auctions could enjoy huge savings as a result of this. Read more

Tags: housing slump, come down, property, Melbourne, August

Fewer mortgage lenders willing to offer £1m deals, says expert

Homebuyers looking to spend in excess of £1 million on a property may have difficulty finding a large mortgage to fund their purchase, according to Bestinvest. Read more

Tags: downturn, Financial services, expert, mortgage lenders, loan, Mortgages

UK consumer confidence at all time low

Consumer confidence in the UK is at an all time low, according to figures from the Nationwide Index.

The findings show that the number of people confident about employment dropped almost ten per cent to 36 per cent in January, a drop from 44 per cent in December.

Expectations surrounding house price growth continued to fall with consumers thinking house prices would decrease by 0.2 per cent over the next six months.

Martin Gahbauer, Nationwide’s senior economist, said: “The continued downward trend in consumer confidence in January is not unexpected in light of current uncertainties about the economic outlook.”

He said that sharp falls in share prices, the rising costs of essential items and a weak exchange rate have all combined to negatively impact consumer sentiment which could be blamed for the pessimistic economic outlook.

Despite a downturn in the Expectations index, 44 of respondents believed that now is a good time to spend on household goods, compared with 35 per cent in December.

Meanwhile, Nationwide has warned credit card holders to be careful to avoid incurring charge while using their cards abroad.

Tags: cent, economist, Index numbers, share prices, downturn, confidence, consumer confidence

Supply concerns follow Hips launch

Following the implementation of Home Information Packs (Hips) for three-bedroom properties this Monday, the National Association of Estate Agents (NAEA) has expressed fears that the market for three-bedroom properties could now decline.

The UK’s leading professional body estate agency said that 63 per cent of its 10,000 members had seen a similar downturn in sales of four-bedroom properties after Hips were first introduced at the beginning of August.

The fall in sales, which was as large as 37 per cent in some regions, was attributed to homeowners staying away from the property market in order to avoid having to pay for a Hip.

“Our concerns have always been that the introduction of Hips would lead to a lack of supply following implementation,” said chief executive of the NAEA, Peter Bolton King.

“The most important thing for consumers and the market right now is that the government maintains the right for first day marketing of a property.”

NAEA members have also revealed that the average price being paid for Hips is currently around £350, and that most packs are excluding the voluntary home condition report, which is considered by many as the only useful part of the pack after the energy performance certificate.

With the implementation of Hips for three-bedroom homes, 60 per cent of the total housing stock is now covered by the government’s new rules.

Tags: Business Finance, right, lack, total housing stock, National Association of Estate Agents, Law in the United Kingdom, GBP