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10/06/2008
House Prices Continue To Fall
The housing market is offering little comfort for homeowners as house prices continue to fall.
For many with mortgages, the value that has been borrowed could be greater than the value of the property.
The Royal Institute of Chartered Surveyors (RICS) says that although the house price balance has improved slightly for the first time in ten months it still remains "a significantly depressed figure".
More than 92.9% more Chartered Surveryors reported a fall than a rise in house prices, a decrease from 94.7% in April.
The average number of transactions per surveyor over the last three months is now at 17.4, which is the lowest figure since 1978.
There is also a continuing lack of demand and surveyors have reported new buyer enquiries as "still well into the negative territory".
RICS spokesperson Jeremy Leaf said: "While demand remains weak and housing transactions continue to evaporate, there is a very real danger to the wider economy.
"The property industry will not be the only casualty in the fall out from the credit crunch, with the high street and purveyors of a range of household goods, including furniture and white goods also feeling the pinch.
"Construction workers such as plumbers and bricklayers will start to see employment opportunities dry up as the pace of housing transactions continues to abate."
There have also been reports that people who have taken out 100% mortgages in the past year could face negative equity.
However, it is understood that the 23,200 who have taken out these 100% mortgages represent just 2.5% of the total mortgages given out in that period.
As the credit crunch continues to cause ripples making lenders less willing to loan money, young people trying to get on the property ladder could be turned away if they don't have a deposit.
Michael Saunders, Head Economist at Citigroup says that house prices are down 6% in the last five months and that "the worst of the credit crisis" lies head.
In Northern Ireland, house prices are continuing to fall and some are down to the same level they were two years ago.
However, it is also reported that mortgage arrears are still low.
(DS/KMcA)
For many with mortgages, the value that has been borrowed could be greater than the value of the property.
The Royal Institute of Chartered Surveyors (RICS) says that although the house price balance has improved slightly for the first time in ten months it still remains "a significantly depressed figure".
More than 92.9% more Chartered Surveryors reported a fall than a rise in house prices, a decrease from 94.7% in April.
The average number of transactions per surveyor over the last three months is now at 17.4, which is the lowest figure since 1978.
There is also a continuing lack of demand and surveyors have reported new buyer enquiries as "still well into the negative territory".
RICS spokesperson Jeremy Leaf said: "While demand remains weak and housing transactions continue to evaporate, there is a very real danger to the wider economy.
"The property industry will not be the only casualty in the fall out from the credit crunch, with the high street and purveyors of a range of household goods, including furniture and white goods also feeling the pinch.
"Construction workers such as plumbers and bricklayers will start to see employment opportunities dry up as the pace of housing transactions continues to abate."
There have also been reports that people who have taken out 100% mortgages in the past year could face negative equity.
However, it is understood that the 23,200 who have taken out these 100% mortgages represent just 2.5% of the total mortgages given out in that period.
As the credit crunch continues to cause ripples making lenders less willing to loan money, young people trying to get on the property ladder could be turned away if they don't have a deposit.
Michael Saunders, Head Economist at Citigroup says that house prices are down 6% in the last five months and that "the worst of the credit crisis" lies head.
In Northern Ireland, house prices are continuing to fall and some are down to the same level they were two years ago.
However, it is also reported that mortgage arrears are still low.
(DS/KMcA)
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04 May 2011
House Prices Continue To Fall
The North East of England has experienced the greatest annual price fall in house value as the March data from Land Registry's House Price Index revealed an annual price decrease of 2.3% which takes the average property value in England and Wales to £160,996. The monthly change from February to March is a decrease of 1.1%.
House Prices Continue To Fall
The North East of England has experienced the greatest annual price fall in house value as the March data from Land Registry's House Price Index revealed an annual price decrease of 2.3% which takes the average property value in England and Wales to £160,996. The monthly change from February to March is a decrease of 1.1%.
07 September 2005
Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
Halifax reports house prices rise
House prices rose by 1.6% in August, the UK’s biggest mortgage lender, has reported. However, the Halifax warned that the rise could be temporary, boosted by the recent interest rates cuts by the Bank of England. The price rise in August followed a modest 0.4% increase in July and was the biggest monthly rise since September 2004.
06 December 2013
UK House Prices Continue To Rise
House prices in the UK increased by 1.1% in November compared to the previous month. In its latest report, the Halifax added that prices had risen by 7.7% annually. The bank, which is part of Lloyds Banking Group, said a strong demand for homes, as well as low levels of property on the market had pushed the cost of housing up.
UK House Prices Continue To Rise
House prices in the UK increased by 1.1% in November compared to the previous month. In its latest report, the Halifax added that prices had risen by 7.7% annually. The bank, which is part of Lloyds Banking Group, said a strong demand for homes, as well as low levels of property on the market had pushed the cost of housing up.
31 October 2013
UK House Prices Continue To Increase
A new survey has said house prices in the UK are now 5.8% higher than this time last year. The latest study by Nationwide said prices increased by 1% in October to bring the average price of a home to £173,678.
UK House Prices Continue To Increase
A new survey has said house prices in the UK are now 5.8% higher than this time last year. The latest study by Nationwide said prices increased by 1% in October to bring the average price of a home to £173,678.
27 August 2009
House Prices Continue To Rise
House prices rose across the UK by 1.6% in August according to the Nationwide. At £160,224, the average price of a typical UK property is still slightly lower than a year ago, however the annual rate of change rose further in August, from -6.2% to -2.7%.
House Prices Continue To Rise
House prices rose across the UK by 1.6% in August according to the Nationwide. At £160,224, the average price of a typical UK property is still slightly lower than a year ago, however the annual rate of change rose further in August, from -6.2% to -2.7%.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
