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Posted in General December 20th, 2010 by Kenny | No comments
House prices keep on falling for the sixth month in a row, excepting a few areas in the North of England which are actually bucking the trend prices are down again. As mentioned in previous there is no expectation of anything changing in the next year or so…
More interesting are the figures for mortgage lending which are 16% down on the same time last year. The power of the finance industry has not been checked, they seem to have more influence than ever on house prices in the UK, if there are no mortgages approved prices go down. We can be certain that the Government/Bank of England could raise house prices by forcing the finance industry to lend, lowering house prices. Do they want house prices to stay down to prevent boom and bust?
Anyone with a mortgage will have been enjoying the low rate, but is there something behind it which we should be told? An artificially low rate to keep us happy while house prices are held low by a lack of mortgage finance.
The whole recession was due to lenders losing money outside the finance/mortgage loop, suddenly borrowers have been taken out the loop once more!
Posted in General December 13th, 2010 by Kenny | No comments
House prices in the UK fell again in November for the 5th month in a row but dont worry, compare the figure 12% to 17% for the same time in 2007 and a huge 30% in 2008! The run up to Christmas is not a traditionally strong time for property sales with a down turn in viewings an sales and everyone going into hybernation for the 6 weeks of the festive season, the most important thing is how will the market fare in 2011?
The best bet from the most reliable predictions dont offer much in the way of hope, 2011 is going to be more of the same, a slow sluggish progression with prices stalling at current levels unless driven by a jump in mortgage level, the BOE are not winding everyone up for as raise in the mortgage rate so we can expect many sellers to stay where they are. The Chamber Of Commerce are predicting a general upturn for 2012 with growth of over 2% predicted.
Selected regions are bucking the trend but the picture for property, to find out what house prices are doing in your area use House Price Spy!
Posted in General December 6th, 2010 by Kenny | No comments
