House Price Spy Blog

Average house prices fell by 0.8%, making the fifth consecutive monthly fall. Mortgage approvals also fell to their lowest levels since February to just over 47,000. This figure is half of the pre-2007 average of around 90,000 approvals.

The recovery of the finance sectory which was projected has stalled, growth is not as expected and to some extent this is the fault of the industry, the figures support the view that money is not being offered for mortgages despite the amount of total borrowing in the UK actually rising, the low mortgage rate has a disincentive effect which means that anyone who does not have one will not get as good a deal and few people that dont will now get one which was not meant to be the outcome of the changes which came in after 2007.

So not very good, during the short span of 2010 we have seen the bright hope that we would see a full recovery during this year gone to be replaced by EU countries falling like dominos, with millions of pounds of our money and panic in Brussels because they cannot agree their budget…

The last vestiges of any idea that the banking crisis was confined to the UK, US and anywhere those two have their money invested is well and truly over. Ireland, after a few days of bluster to the contrary have accepted a 90 billion Euro bailout weeks after Greece did the same thing, Portugal are the latest EU member country to be linked with a bailout.

It seems there are no immunity to the present crisis, it seems EU countries are suffering by being linked in with weak economies with are too dependent on stronger economies, stability is slowly returning to the UK with the US still in crisis, it seems our European partners are starting to suffer just as we are moving upwards.

Keep up to date on the latest news, house prices, opinions, property related offers and tips at House Price Spy!

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First time buyers have returned to the UK property market, with a large increase in proportion of first timers due to falling prices, and the preception that prices will fall further in the months to come. If public opinion is anything to go by we are sure to see another fall well into 2011, that will see the dreaded double dip.

Good news for first time buyers, bad for anyone planning to sell their property in the next year or so. The market had been getting a bit more stable, if not rising back to 2007 levels, with larger numbers of property on the market their was less scope for rapid fluctuations, but with prices dropping again this trend is not set to last. While the public think prices will fall, they do not obviously think this fall will last and are not throwing their cards in just yet and selling up.

As mentioned the previous government spent a vast amount of our cash on teasing First time buyers into the market which was mostly wasted since there was not the finance on the market to fund them, many of the options which first time buyers could have taken advantage of were removed leaving buyers with money but no mortgage, rather than mortgage and no money which the legislation was mean to protect.

Of course if the market falls enough, and the finance industry does not prevent it, first time buyers will be pushed up the property ladder by default. The only point of giving artificial assistance to first time buyers was to boost the overall numbers of buyers on the market to boost the market itself, could our money be better spent elsewhere?

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