Tag Archives: House prices

House prices still falling, says the Halifax Latest Articles

Newspapres with House prices fall headlineHouse prices are still slowly going down – but worries about mortgage interest rates and jobs are likely to buoy the market, according to the Halifax.

The lender, one of the UK’s largest mortgage providers and part of the Lloyds TSB banking group, explained a fall in home values by 1.4% in April from March was down to a lack of confidence in the market.

Continue reading House prices still falling, says the Halifax

London leads the way in static UK housing market Latest Articles

The housing market is firmly stuck in the doldrums with little hope of easing in the near future, according to the latest data – with London standing out as the only high spot.

Estate agents say house prices and sales remained static in March.

While the Communities and Local Government Department (CLG) released figures for February UK pegging the annual increase since February 2010 at just 0.7% and 0.3% between January to February. Continue reading London leads the way in static UK housing market

Buy to let homes more affordable for landlords Latest Articles

Prices of buy to let properties in many large towns and cities have dropped to more affordable levels for investors.

Research from mortgage lender the Halifax shows a budget of £150,000 for a buy to let now buys a wider range of suitable properties in the UK’s top 10 cities than at the height of the housing market in 2007. Continue reading Buy to let homes more affordable for landlords

Revealed – how property was crippled by the recession Latest Articles

New figures from the government show how the banking crisis and recession crippled the housing market.

In 2008/09 – the latest figures available from the Office of National Statistics (ONS) – only 9% of all households in England (2.0 million) had moved to their current homes within the previous 12 months, the lowest number since records began in 1994/95.

Between 2007 and 2008 the number of property sales over £40,000 in the UK fell by 44% from 1.6 million to 900,000 due to the recession.

The picture was similar across England and Wales with property transactions falling by between 42% and 48%. Transactions in Scotland fell by less (33%), while in Northern Ireland they fell by more (61%).

In 2009, the average price paid for a home was £194,235, down 8.1% on 2008.

Changes in the average price paid for homes varied little between England and Wales, at 8.4% and 8.2% respectively. Scotland saw a smaller decrease (2.6%), while Northern Ireland a much larger one (15.7%).

British Bankers’ Association figures show that in the last 12 years the number of loans approved for house purchase peaked in March 2002 at 92,912.

The number of loans approved in July 2007, the month before the credit freeze began was 62,363. Approvals fell rapidly to reach a low of 17,421 in November 2008.

The average value of mortgages for house purchase peaked in June 2007 in the UK at £159,600 before decreasing to a low of £116,100 in December 2008.

The number of repossessions reached its peak in 1991 when 75,500 properties were repossessed.

Repossessions then fell to reach a low in 2004 of 8,200. Since 2004 repossessions have increased nearly six-fold to 47,900 in 2009.

Jen Beaumont, from the ONS, said: “In the recent recession we have seen a large rise in repossessions, but not to the same extent as in the previous recession of the 1990’s. This could in part be due to lower interest rates and unemployment this time round.”

The Council of Mortgage Lenders confirms 36,300 repossessions were made in 2010 – 24% lower than in 2009.

Homes sales have slowed again, say estate agents Latest Articles

Home sales slipped to the lowest level for 18 months as estate agents reported a poor month of trading.

Fewer sellers put their homes on the market while buyers are holding off because of worries about rising interest rates. Continue reading Homes sales have slowed again, say estate agents

Property price tumbles cost homeowners £110 a week Latest Articles

Property price rises and falls added up to the average home losing £110 in value every week last year, according to mortgage lender the Halifax.

The average house price at the end of December was £162,435 – down £5,741 across the year and representing a drop of just 1.6% for the 12 months. Continue reading Property price tumbles cost homeowners £110 a week

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