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Our News
14/05/2008
: Falling House sales - Investment Opportunities?
RICS spokesman Ian Perry commented: “The number of house sales being completed over the last 3 months has fallen significantly, with an average of just 18 sales per surveyor. “The real issue, however, is the collapse in the number of housing transactions. This has very real implications, not just for the property industry but also the High Street and the wider economy”. Mr Perry conceded though that the scale of house price falls was still "relatively small" compared to past downturns, adding: "Large numbers of distress sales - either repossessions or sales from those attempting to avoid the repossession process - have not yet appeared in the market place. "While mortgage arrears remain low and the employment situation remains strong, the lack of supply will continue to prevent large declines." Return to a steady market? Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA), argued that the house price falls were merely ‘modest’: The house prices falls that are taking place are modest and the picture is still patchy with some areas of the country finding it tougher than others. “There is no denying that the credit crunch has affected confidence in the market – especially first time buyers who are finding it hard to find financing to get on the ladder - but it is still important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a pent-up demand for houses. “Therefore, rather than a dramatic fall that some doom and gloom merchants are predicting, it shows we are looking at a return to a more steady market rather than the fantastic price hikes we have seen in the previous 10 years.“
RICS spokesman Ian Perry commented: “The number of house sales being completed over the last 3 months has fallen significantly, with an average of just 18 sales per surveyor. “The real issue, however, is the collapse in the number of housing transactions. This has very real implications, not just for the property industry but also the High Street and the wider economy”. Mr Perry conceded though that the scale of house price falls was still "relatively small" compared to past downturns, adding: "Large numbers of distress sales - either repossessions or sales from those attempting to avoid the repossession process - have not yet appeared in the market place. "While mortgage arrears remain low and the employment situation remains strong, the lack of supply will continue to prevent large declines." Return to a steady market? Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA), argued that the house price falls were merely ‘modest’: The house prices falls that are taking place are modest and the picture is still patchy with some areas of the country finding it tougher than others. “There is no denying that the credit crunch has affected confidence in the market – especially first time buyers who are finding it hard to find financing to get on the ladder - but it is still important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a pent-up demand for houses. “Therefore, rather than a dramatic fall that some doom and gloom merchants are predicting, it shows we are looking at a return to a more steady market rather than the fantastic price hikes we have seen in the previous 10 years.“
Other News
 
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Buy-to-let flat loses £95,000 in value | ||||
| A porperty investor who bought a flat for £175,000 last year is facing a negative equity nightmare after its value fell by almost 50% |
 
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Prices for the super-rich soaring upwards | ||||
| With an average value of £20m per flat, how will the credit cruch effect One Hyde Park, London's most expensive apartment complex? |
|
Prices for the super-rich soaring upwards | ||
| With an average value of £20m per flat, how will the credit cruch effect One Hyde Park, London's most expensive apartment complex? |
|
Buy-to-let flat loses £95,000 in value | ||
| A porperty investor who bought a flat for £175,000 last year is facing a negative equity nightmare after its value fell by almost 50% |
 
|
House prices fall £11,500 in a year | ||||
| House prices are falling at their fastest rate since the depths of the early Nineties housing crash - down £11,500 in a year |
|
House prices fall £11,500 in a year | ||
| House prices are falling at their fastest rate since the depths of the early Nineties housing crash - down £11,500 in a year |
 
|
Rics: First-timers shouldn't pay stamp duty | ||||
| First-time buyers should be exempt from stamp duty, housing experts claim in a plan that would see all home purchases under £1m pay less tax |
|
Rics: First-timers shouldn't pay stamp duty | ||
| First-time buyers should be exempt from stamp duty, housing experts claim in a plan that would see all home purchases under £1m pay less tax |
 
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BoE: Mortgages for homebuyers dive 64% | ||||
| Mortgages for home purchases have plummeted by 64% over the past year - hitting lower levels than during the 1990s house price crash |
 
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Prices falling in all but two London boroughs | ||||
| The average London house is worth £11,500 less than it was a year ago, figures from house price monitor Hometrack show |