Reports on the BBC website today point to a 1.7% fall in house prices in what remains of 2011, rising unemployment and inflation will also cause a much slower recovery in the years that follow.
Prices rose by over 6% in 2010 and it was thought that 2011 would be the year the economy would bounce back.
It seems many people are sticking to their guns and holding out for the asking price they want rather than lower the price to suit the market, this has been blamed for the stagnation in the market with buyers less confident of the market direction.
The average house price in the UK is £223,121 up 3.1% on January.
Posted in General February 28th, 2011 by Kenny | No comments
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Posted in General February 21st, 2011 by Kenny | No comments
I think anyone with a mortgage has enjoyed the low rate but is it time for a change? The rate is set to stay for the moment but many people in the property and finance sectors are predicting a change in policy during 2011 with the rate rising to around 2% by 2012.
Dont expect a huge change all at once, but I think we all knew the rate could not stay at record (and artificial) lows forever, the bank is thought to be against further quantative easing but sees a raise in the mortgage rate as a way to change the drift of the economy. Unless the economy sees an upturn in the next 6 months we can expect to see the rate rise. The press will of course be already writing a stock of bankers/bonus/fatcats stories as they all go down welll, but I dont thing we can blame them for this result.
With that we can of course expect a bonanza for mortgages a banks have our money burning a hole in their pockets, we could also see a rise in house prices but only if the rise has a benefit for the economy as a whole.
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Posted in General February 14th, 2011 by Kenny | No comments
Property prices in the UK keep on falling with 1 0.1% fall on December 2010 and an annual average fall of 1.1%.
From Bank of England figures mortgage lending is down £298 million on the same time in 2010, which in turn was down almost £3 billion on 2009! So first time buyers, negative equity and with money problems will have to work harder than ever to get finance.
Property prices are not expected to start rising yet or anytime in 2011, expect developments in 2012 though.
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Posted in General February 7th, 2011 by Kenny | No comments
