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UK Property News 01 2009

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UK economy to shrink 'most in West'

Research from the International Monetary Fund (IMF) shows that the UK economy will shrink the most of any Western country in 2009, putting further pressure on homeowners hoping to sell their properties in a timely fashion.

30 Jan 2009
UK economy to shrink 'most in West'
PPI claims could point to increase in repossessions in 2009

The Association of British Insurers (ABI) has found that the number of claims made to private payment insurance (PPI) policies more than doubled throughout 2008.

29 Jan 2009
PPI claims could point to increase in repossessions in 2009
International buyers in UK property rising

Research conducted by estate agent Hamptons International has found that there has been a 20 per cent rise in the number of Europeans buying prime London properties throughout 2008.

28 Jan 2009
International buyers in UK property rising
January sees house price falls already

Housing market analyst Hometrack has published research showing a fall in house prices of one per cent since the start of the new year.

27 Jan 2009
January sees house price falls already
UK recession could slow down house sales

The recent announcement that the UK is officially in a recession could have a negative impact on the average time it takes to sell a property.

26 Jan 2009
UK recession could slow down house sales
Repossessions almost double in Q3

Research from the Financial Services Authority (FSA) has shown that the number of repossessions recorded during the third quarter of 2008 has increased by almost 100 per cent year-on-year.

23 Jan 2009
Repossessions almost double in Q3
Market strength continues to be debated

An 11 per cent drop in the total amount lent to mortgage customers was recorded by the Council of Mortgage Lenders between November and December last year, recent figures have shown.

22 Jan 2009
Market strength continues to be debated
Inflation 'causing savings to dwindle'

Financial data company Defaqto has claimed that the current rate of inflation is creating a scenario in which many in the UK are receiving little to no return on their savings.

21 Jan 2009
Inflation 'causing savings to dwindle'
Property market regulation receives welcome

A report to the government calling for a more unified approach to regulation of the housing market has been well received by the National Association of Estate Agents (NAEA).

21 Jan 2009
Property market regulation receives welcome
Government offer to homeowners receives luke-warm welcome

The latest deal to homeowners struggling with mortgages should not be seen as a "free lunch", the Council of Mortgage Lenders (CML) has said.

21 Jan 2009
Government offer to homeowners receives luke-warm welcome
Government cash announced to slow down repossessions

The government began a scheme yesterday (January 19th) aimed at curbing the threat of repossessions, injecting £200 million to protect homeowners.

20 Jan 2009
Government cash announced to slow down repossessions
Housing minister under fire for 'talking up market'

The housing minister, Margaret Beckett, has been criticised for her remarks suggesting the UK housing market is showing signs of recovery.

20 Jan 2009
Housing minister under fire for 'talking up market'
2008 sees new home builds drop by half

The number of homes built during 2008 dropped by over half, figures from the Office for National Statistics (ONS) show, pointing to the severity of the current downturn.

16 Jan 2009
2008 sees new home builds drop by half
CBI: Credit key to protecting housebuilders

The Confederation of British Industry (CBI) has claimed that, without government help to ease the problems of housebuilders obtaining credit, there is a risk of long-lasting damage to the housing market and the economy as a whole.

16 Jan 2009
CBI: Credit key to protecting housebuilders
Government should act 'to increase social housing'

The government should do more to turn the current housing crash into a positive by investing in social housing construction, said Liberal Democrat shadow housing minister Sarah Teather.

16 Jan 2009
Government should act 'to increase social housing'
Many homeowners won't benefit from rate cut

The historic cut in the Bank of England base rates last week will not benefit the majority of homeowners, recent research from finance website Fairinvestment.co.uk has found.

16 Jan 2009
Many homeowners won't benefit from rate cut
House prices drop below £200k

The government has published figures this week showing that the average price of a property in the UK has now fallen to below £200,000, offering both good and bad news for homeowners hoping to sell their property.

14 Jan 2009
House prices drop below £200k
Public 'unhappy' with base rate

The Bank of England's historic cut to the base rate last Thursday (January 8th) has been badly received by the wider public, according to one analyst at financial website moneysupermarket.com.

14 Jan 2009
Public 'unhappy' with base rate
Dollar earners could be 'white knights' of property market

The number of US dollar earners contacting County Homesearch, the UK's largest network of homefinders, in the first two weeks of 2009 has increased sharply, the company has stated, suggesting a potential rise in sales from overseas investors.

14 Jan 2009
Dollar earners could be 'white knights' of property market
Newly built homes drop by 30%

Housebuilder Taylor Wimpey has this week revealed that it reduced the total number of homes it built during 2008 by around 30 per cent compared to the year previous.

14 Jan 2009
Newly built homes drop by 30%
New attitude to borrowing needed, says ABI

The government should ensure it promotes a new and more conservative attitude to borrowing instead of simply backing up mortgages with public money, the Association of British Insurers (ABI) has said.

14 Jan 2009
New attitude to borrowing needed, says ABI
Housing transactions fall in face of rising buyer interest

The number of homes sold in the UK in the quarter-year leading up to December dropped to a record low, new research has revealed.

14 Jan 2009
Housing transactions fall in face of rising buyer interest
London buyers may benefit from less fierce competition

The weakening of the pound has led to recent reports that properties in London will come under greater demand from international investors, pushing prices back up once more.

13 Jan 2009
London buyers may benefit from less fierce competition
Equity release growing in popularity

The equity release market is set to grow by £200 million by the year-end, showing a significant growth in the popularity of the choice among homeowners to release equity to ease their own financial woes.

13 Jan 2009
Equity release growing in popularity
Liquidity issues 'crucial to selling a home'

The Association of Mortgage Intermediaries (AMI) has suggested that homeowners trying to sell their homes may not benefit from the reduction in base rates quite as much as they might be hoping.

13 Jan 2009
Liquidity issues 'crucial to selling a home'
CML: Increase in funding key to mortgage market

The Council of Mortgage Lenders (CML) has suggested that the housing market could continue to stagnate until an "increased flow of funding" is established.

12 Jan 2009
CML: Increase in funding key to mortgage market
Expert: Still tough to sell in Scotland

The head of a leading property agency in Scotland has suggested that the housing market in the country is not out of the woods yet, in spite of a 0.1 per cent increase in house prices in the closing quarter of 2008.

12 Jan 2009
Expert: Still tough to sell in Scotland
Bovis stock sale further evidence of lack of housing market demand

The lack of consumer demand in the housing market has been further underscored by the sale of 379 Bovis Homes properties to the government.

09 Jan 2009
Bovis stock sale further evidence of lack of housing market demand
AMI: Record interest low isn't the tonic

The Bank of England's Monetary Policy Committee may have cut the base rate of interest to a record low of 1.5 per cent yesterday, but that is no longer the tonic needed for the mortgage market.

09 Jan 2009
AMI: Record interest low isn't the tonic
Interest rates could become lowest ever

The monetary policy committee (MPC) is expected to cut the interest rate by half a percentage point today (December 8th), according to research into the views of analysts carried out by Bloomberg News.

08 Jan 2009
Interest rates could become lowest ever
Public 'in the know' regarding property forecasts

The Guardian has published a regional breakdown of house prices across the UK, in coordination with Nationwide house price figures, which demonstrate that many consumers in the UK are particularly clued up regarding house price forecasts.

08 Jan 2009
Public 'in the know' regarding property forecasts
Final quarter of 2008 sees country properties fall

Prices of prime country residences in England took a sharp dive in the last quarter of 2008, it has been reported, suggesting job losses and a realisation concerning asking prices have both taken effect.

08 Jan 2009
Final quarter of 2008 sees country properties fall
Rate cut 'will do little to stimulate housing market'

A further cut in interest rates by the Bank of England's monetary policy committee (MPC) later this week might grab the headlines, but it will do little to revitalise the property market, it has been claimed.

07 Jan 2009
Rate cut 'will do little to stimulate housing market'
Government helps out mortgage strugglers

The government has announced that it is doubling the threshold for qualification for income support for mortgage interest (ISMI), meaning thousands more people who have lost their jobs will become eligible.

07 Jan 2009
Government helps out mortgage strugglers
Rates could be lower still this week

The Bank of England could further reduce base rates again this week in an attempt to draw more buyers to the UK's ailing housing market.

06 Jan 2009
Rates could be lower still this week
Banks' confidence crucial to market

Many analysts are now making predictions for the housing market in 2009 following the start of the new year, and as such there is a wide range of advice available to buyers regarding whether or not the market will bounce back in the next 12 months.

06 Jan 2009
Banks' confidence crucial to market
Lib Dem Cable speaks on reasons for record slump

Liberal Democrat treasury spokesman Vince Cable has attributed a mix of buyer confidence concerns and the collapse of the mortgage lending industry to the record house price falls included in a recently published Halifax report.

05 Jan 2009
Lib Dem Cable speaks on reasons for record slump
Half way point reached in house price falls, says Rics

House prices have passed the halfway mark in their fall from their 2007 peaks, it has been suggested by the Royal Institution of Chartered Surveyors (Rics) in a recent report.

05 Jan 2009
Half way point reached in house price falls, says Rics
Isle of Man boasts rising house prices

The Isle of Man saw house prices rise four per cent throughout 2008, one estate agent has claimed, in a move that could motivate interest in the marketplace.

05 Jan 2009
Isle of Man boasts rising house prices
Homes in Scotland now 'more affordable'

Homes in Scotland have become largely more affordable throughout 2008, a Herald report has claimed, suggesting 11 more of the 30 council areas throughout the country can now be labelled as affordable for those on an average salary.

02 Jan 2009
Homes in Scotland now 'more affordable'
First-time buyers 'may return by year-end'

Property buyers could celebrate 2009 as the year of the first-time buyer, it has been suggested.

02 Jan 2009
First-time buyers 'may return by year-end'
Bold buyers could return this year

Forecasts that the housing market will turn around between 2011 and 2013 have been given a shot of confidence by a recent report which claims many buyers will purchase property even before the market bottoms out.

02 Jan 2009
Bold buyers could return this year




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