Figures from the Department for Communities and Local Government (DCLG) show UK house prices falling 2.3% in December. Detached homes were at the forefront of the decline with the average value falling by 4.1% during the month. Meanwhile, terraced houses lost 0.8%; flats were down an average 2.4%; bungalows and semi-detached homes down by 2.3% [...]
Some good news at last on the UK housing market! The monthly house price index from Halifax shows that eleven consecutive months of falling prices have been interrupted by an average rise of 1.9% in January. The turnaround brings the average price of a home to £163,966 or £4,000 more than in December 2008. The [...]
Upmarket estate agent, Knight Frank, has reported that owners of prime country houses are becoming more realistic when it comes to selling. Prices for prime country residences fell by an average 16% during 2008 but the decline accelerated in the last three months of the year, when values plummeted by 9%. City job losses in [...]
The official record of the collapse of the housing market in England and Wales has been updated by latest figures from the Land Registry. In November, the Registry noted a 1.9% fall in the average cost of a home, taking the annual decline to 12.2%. The pace of decline accelerated in October when prices fell [...]
The group chief executive of Barclays is predicting that UK house prices will see a peak-to-slump fall of between 25% and 30%, against a backdrop of a shrinking economy. John Varley has been speaking out in an interview for Sky News, ahead of unemployment figures due to be release by the Government on Wednesday. He [...]
Jones Lang LaSalle (JLL) is predicting that UK property prices will decline by between 13% and 15% in 2009. The international real estate firm expects London to see a steeper than average fall, forecasting a drop in the Greater London area of between 15% and 17%, while in central London homeowners could see 16% to [...]
Halifax has reported a further 2.6% fall in the average price of a UK home, in November. The annual rate of decline now stands at 14.9% (compared with 13.7% in October), with the average cost of a property at £163,605, roughly the same as in July 2005 and down £31,485 over the past 12 months. [...]
Latest figures from the Land Registry show house prices in England and Wales falling by an annual 10.1%, in October. The average value of a home declined 1.5% during the month, to £165,529, a figure last seen in mid-2006. The Registry compiles its data from completed transactions and therefore lags behind other monitors of the [...]
The slide in UK house prices levelled off slightly in November, with the average price of a home declining just 0.4%, according to Nationwide. The fall compares with a 1.3% drop in October and means that house prices are down 13.9% on November 2007, compared with an annual fall of 14.6%, in October. The price [...]
In the past fortnight homeowners in London have begun to drastically reduce asking prices to secure a sale. Research from property search engine, Globrix, has revealed that those anxious to find a purchaser before Christmas are prepared to knock over £100,000 off the price of their homes. In the capital’s two most expensive boroughs, Westminster [...]
Halifax has published its monthly house price index showing a 2.2% fall in the average cost of a UK home, in October. The decline takes the annual fall to 13.7%, and brings the average cost of a home back to its October 2005 level of £168,031. The lender’s chief economist, Martin Ellis, comments that significant [...]
The price of oil fell to $59.32 a barrel in early trading today, the lowest point since February 2007, amid growing concerns that a US recession will reduce demand. Oil prices reached a high of $147 a barrel in mid-July. Last week, Opec said it would cut its output by 1.5m barrels a day to [...]
Nationwide has published its latest house price survey showing the cost of the average UK home falling again, in October, to £158,872. The monthly loss stood at 1.4%, taking the annual decline to 14.6%, or £27,172, in terms of the average house price. The figures compare with a September monthly fall of 1.7% and an [...]
The Land Registry has published house price data for September, showing the cost of the average home down 2.2% (£5,700) during the month, to £168,814. The decline means that house prices in England and Wales have fallen 8% over the year, although the rate of decline accelerated last month, from 4.6% in August. Wales saw [...]
The Centre for Economics and Business Research (CEBR) is predicting that the average cost of a UK home will fall up to £40,000 by the end of 2009. The independent consultancy expects the market to show signs of stability in 2010, having seen a maximum 20% decline in prices, from the market peak last summer. [...]
Home sellers in England and Wales appear largely unmoved by the continued shortage of mortgage funds and dramatically worsening outlook for the economy and are still marketing their properties at unrealistic prices. Property website Rightmove has reported that asking prices in England and Wales rose by 1% in the four weeks to 11th October. The [...]
A Professor of Finance from Imperial College Business School in London is predicting that UK house prices could fall by a further 5% to 10% before the market bottoms out. Addressing a committee of MP’s, Professor David Miles proposed that the property market should stabilise once house prices are 20% below their peak of summer [...]
Average property prices in some of the UK’s city centres are showing sharp falls as a result of the plummeting values of flats and apartments. According to research by property price website, mouseprice.com, the value of city centre flats in Birmingham have fallen more steeply than anywhere else in the UK. Some areas of the [...]
The Halifax has published its house price index for September, showing a 1.3% fall in the average cost of a UK home. The decline brings the year-on-year fall to 12.4%. According to the UK’s largest mortgage lender, house prices fell 5.2% over the three months to the end of September, taking the average price of [...]
Nationwide has published its latest house price index, which shows a 1.7% decline in the cost of the average UK home, in September. The fall brings the year-on-year decline to 12.4% and puts the price of the average property at £161,797. According to the building society, prices have now fallen for 11 consecutive months, although [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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