Double dip recession could stem from house price falls

Officials from the Royal Institute of Chartered Surveyors have stated recently that concerns over a double dip recession have been sparked as a result of house price falls. Earlier in the week the majority of estate agents reported that house prices had fallen for the first time in a year.

According to RICS there has been a surge in the number of properties coming onto the market whilst at the same time the level of interest from would be buyers has fallen as a result of a number of factors. This has sparked a drop in property prices following a period where property prices were regaining strength, and with the economy in the UK still fragile following the recent recession many are now concerned that the nation could be heading back towards a double dip recession.

The figures show that compared to the combined total of estate agents that reports stable or increasing house prices 8 percent more reports falling prices, and this was the first time since July of last year that a majority of estate agents had reported a fall in property prices.

Officials have said that falling house prices tend to take their toll on consumer confidence levels, and with a fall in consumer confidence there could also be an increase in the chances of a double dip recession. Scotland and the South West are said to be enjoying some level of stability, but all other areas of Britain have apparently been hit.

RICS said: ‘This is a reflection of both the increase in supply following the scrapping of HIPs and the more cautious stance from buyers. Significantly, the forward looking price expectations numbers suggest that this softer trend will continue through the second half of the year. However, agents are still generally optimistic about sales activity which should benefit from more realistic pricing of properties.’

Tags: recession, double dip, prices, Estate agent, Royal Institute of Chartered Surveyors, house

Now could be the time to get on the property ladder

According to the results of a recent survey that was carried out many Brits think that it is now a good time to purchase a property and get onto the property ladder. The Building Societies Association carried out the survey, and the results showed that whilst market conditions continued to be difficult in the mortgage sector many Brits were still convinced that this was a good time to buy due to various other factors. Read more

Tags: the Brits, first time buyers, economics, building societies association, property ladder

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

RICS states property sales levels may rise

Surveyors from the Royal Institute of Chartered Surveyors have indicated that there could be an increase in property sales over the coming months, as the level of interest shown by potential buyers has been increasing lately. Read more

Tags: Business Finance, home, property sales, actual sales, Royal Institute of Chartered Surveyors, lowest level, potential buyers, property enquiries

Buyers attracted to property market due to low interest rates

A recent report has shown that a rising number of potential property buyers are being attracted to the property market recently as a result of the historically low interest rates. Read more

Tags: government, Banking, low interest rates, latest cut, survey, buyers, Mortgages

Lower interest rates sparks interest in property market

According to a recent report the dramatic drop in interest rates that has taken place over recent months has resulted in renewed interest in the housing market from would be buyers. Read more

Tags: property market, Royal Institute of Chartered Surveyors, time buyers, rates, margins, housing market, year, low interest rates

Toughest time in three decades for property sellers

There is little doubt that the housing market is going through some real challenges in the UK at the moment. Homes are losing value hand over fist, with prices going down on a monthly basis, and mortgage lending has become extremely restricted, which means that refinancing on a home or getting a mortgage to purchase a property has become very difficult for some people and nigh on impossible for others. Read more

Tags: estate, Mortgage fraud, huge 84%, Mortgages, three decades, low house sales, house prices, Royal Institute of Chartered Surveyors

Rise in the supply of rental properties coming onto market

Homeowners that have been keen to sell their homes before house prices plummet further have found themselves hitting a brick wall over recent months, as a number of factors have contributed to the housing market facing its worse slump in decades. Estate agents have reported very poor sales figures for properties, and many homeowners have found that they simply cannot sell their properties. Read more

Tags: demand, Royal Institute of Chartered Surveyors, duty, purchase, slump, first time buyers, rental property, uk

Rics takes legal action over Hips

Controversial government plans to introduce Home Information Packs (Hips) to the home-selling process have been dealt a big blow.

The Royal Institute of Chartered Surveyors (Rics) has stunned the property industry by launching a legal challenge against the government just days before Hips become law.

In an unprecedented move for the organisation, officials at Rics have announced that Judicial Review Proceedings have commenced against the Department for Communities and Local Government.

The move centres on the government’s perceived ‘failure to carry out proper consultation prior to implementing new legislation to bring in HIPs’ and is the first time in Rics’ 136-year history that it has launched a legal challenge against the government.

“Rics has not made the decision to commence Judicial Review proceedings lightly,” said Teresa Graham, chairman of Rics’ regulatory board.

“We have exhausted all the alternatives and greatly regret that we were left with no other option if we are to protect the public’s property interests.”

The move has been blasted by the Association of Home Information Pack Providers (Ahipp), which also moved to reassure those training to be employed in the Hips industry that the packs will still be introduced on June 1st.

“It is difficult to understand why Rics has taken this latest step against Hips when they are in the process of training both home inspectors and DEAs (domestic energy assessors) and in addition, play a prominent role within the Hips industry, as a certification scheme,” said Mike Ockenden, Ahipp’s director general.

“However, those who have trained or are currently training to become home inspectors or domestic energy assessors should not be concerned, this latest move will not impact on their future training or their future career progression within the Hips industry.”

An 11th-hour vote is due to take place today (May 16th) in the House of Commons over whether Hips should be introduced while the whole scheme has seemingly been dealt another blow.

Chancellor of the exchequer and prime-minister in waiting Gordon Brown has failed to publicly give his opinion on Hips, leading to further confusion as to whether they will be given the go-ahead.

Tags: ockenden, Law in the United Kingdom, home inspectors, director general, Domestic energy assessor, Royal Institute of Chartered Surveyors, RICS, proper consultation