Tag: house

Barclays chief sees 30% off UK house prices

Barclays chief sees 30% off UK house prices

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 [...]

December 15, 2008 | 0 Comments More
Difficult year ahead for London house prices

Difficult year ahead for London house prices

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 [...]

December 8, 2008 | 0 Comments More
House prices down 2.6% in November

House prices down 2.6% in November

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. [...]

December 4, 2008 | 0 Comments More
Land Registry reports 10.1% annual fall in house prices

Land Registry reports 10.1% annual fall in house prices

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 [...]

November 28, 2008 | 0 Comments More
House price slide levels to 0.4% in November

House price slide levels to 0.4% in November

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 [...]

November 27, 2008 | 0 Comments More
Londoners make large cuts in asking prices

Londoners make large cuts in asking prices

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 [...]

House sales fall to 30 year low

House sales fall to 30 year low

The Royal Institution of Chartered Surveyors (Rics) has reported that property sales continued to fall last month. The decline took the number of transactions to its lowest level since records began, in 1978. A lack of mortgage finance meant that sales per estate agency averaged 10.9 during the three months to the end of October, [...]

November 11, 2008 | 0 Comments More
Bovis and Redrow epitomise housebuilders’ woes

Bovis and Redrow epitomise housebuilders’ woes

Housebuilder, Bovis, has announced that it expects to complete 1,800 homes during 2008, compared with 2,930 last year. The group’s stock of unsold homes stands at over 900, despite price reductions and an incentive scheme aimed at attracting buyers. The slowdown in the private housing market is forcing the builder to focus more on the [...]

November 7, 2008 | 0 Comments More
House prices down 2.2% in October

House prices down 2.2% in October

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 [...]

November 6, 2008 | 0 Comments More
House prices down almost 15%

House prices down almost 15%

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 [...]

October 30, 2008 | 0 Comments More
Land Registry records 8% decline in house prices

Land Registry records 8% decline in house prices

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 [...]

October 28, 2008 | 0 Comments More
UK house prices to fall by an average £40,000

UK house prices to fall by an average £40,000

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. [...]

October 27, 2008 | 0 Comments More
House sales fall 53%

House sales fall 53%

The extent of the slowdown in the UK housing market is amply illustrated by latest figures from HM Revenue & Customs (HMRC), which receives notification of all residential property transactions with a value of over £40,000. According to HMRC, a mere 59,000 residential properties changed hands in September. The figure is at its lowest since [...]

October 21, 2008 | 0 Comments More
Average asking prices rise by 1%

Average asking prices rise by 1%

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 [...]

October 20, 2008 | 0 Comments More
Bellway Homes’ sales halved since July

Bellway Homes’ sales halved since July

Bellway Homes is the latest housing developer to report a sharp fall in sales. The group, which is the UK’s fourth-largest housebuilder, has sold 6,556 homes over the past year, down from 7,638 in the previous twelve months. The average price of a property dropped to £169,700, down from £173,300 a year earlier. The firm’s [...]

October 15, 2008 | 0 Comments More
MPs advised house price falls will bottom out at 20%

MPs advised house price falls will bottom out at 20%

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 [...]

Halifax registers 12.4% annual decline in house prices

Halifax registers 12.4% annual decline in house prices

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 [...]

October 9, 2008 | 0 Comments More
House prices down 12.4%

House prices down 12.4%

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 [...]

October 2, 2008 | 0 Comments More
Average house price down 4.6%

Average house price down 4.6%

The Land Registry has published its house price index for August, showing a 4.6% annual fall in the average cost of a home, to £174,439. The monthly decline stood at 1.9%, which compares with a monthly fall of 0.6% in July. The average house price in England and Wales has now returned to the level [...]

September 26, 2008 | 0 Comments More
CML abandons house price forecasts

CML abandons house price forecasts

The Council of Mortgage Lenders (CML) has described attempts to predict the direction of UK house prices in the short term as “futile”. The body has admitted that its May forecast of a 7% fall this year is wide of the mark and says it does not expect the market to recover from its current [...]

September 24, 2008 | 0 Comments More