House Price Spy Blog

The FSA (The Financial Services Authority) who regulate the finance industry have announced plans to limit the amount of money lent by financial institutions to the public, and in a small footnote to the publication state that they “project significant falls in house prices from the reduction in lending”. The rather promiscuous and badly regulated lending of pre-2007 is set to be replaced by over strict lending where millions of people in the UK are priced out of home owner ship, throwing the baby out with the bath water anyone? Rather just regulate the industry and prevent them from using our money to speculate for their own profit they are planning to send the industry back 25 years.

After 20% of property being wiped from the average homeowner since 2007 are we going to see the FSA/government/BOE actually plotting to send us back into the red? Billions of public money have been spent enticing first time buyers who will be the main losers here, the FSA plans will undermine everyone who owns property and, sending millions into negative equity.

Apart from that the finance and property industries will be back to square one after building up during 2009…

The average prices asked by sellers fell for the third month in a row, wiping £8,000 off the gains of 2010. Mortgage lending has reached its lowest seasonal value for ten years according to The Council of Mortgage Lenders.

More interestingly the average rent that people in the UK paying is soaring to £686 up 1.4% in the last month which is the highest for 2 years, as more and more landlords sell up the remaining ones are raising their rents as available properties become harder to find. Time to buy rather than rent? Looks like the odds are being pushed back in that direction, in past years the media was full of all sorts of stories about people renting who could afford but chose to rent for various reasons, even home owners renting other properties in their chosen areas. Looks like this trend might just be over…with more and more people struggling to get mortgages we will see more and more people priced ownership.

What will the government do to counteract this trend? The finance industry was meant to have put their house in order.

Despite a slowing down of the recovery average house prices have risen by 0.2% in the last month or so, the actual numbers of properties for sale is well up so the outlook is good. The recovery is looking to be more sustainable without the inflation that we knew in the early part of the decade.

The slight rise has reversed any losses in recent months leaving a stable and healthy market if not promising a expedient recovery during 2010 as once predicted, the glut of sales that saw a sharp rise in 2009 is now over leaving a more realistic market.

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