Halifax reports fall in UK house prices for second month running

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“If buyers are being sensible and refusing to pay over the odds because they can’t afford it, then that is a good thing,

“However, this may just be a blip rather than the beginning of a downwards trend in prices. Prices still rose on the quarter and on the year. And while the market may be adjusting, there are pockets of the London housing market where it is still crazy busy while in other parts of the country talk of a bubble is laughable.”

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10 things to consider before rushing into the property market

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“To get ahead of the pack in a booming market, you need to have your mortgage in place. That way, when you come to make an offer, you’ll be able to demonstrate that you can move quickly and are a serious buyer. Typically, a mortgage agreement in principle lasts for six months and isn’t specific to any particular property. However, don’t panic and assume you have to stick with this deal if your bid is accepted.”

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House prices creep up in July

But Nicholas Ayre of property agent HomeFusion said the Halifax was being “optimistic” when it said low rates and a slowly improving economy will support demand.

He said global economic instability could hit prices in London the hardest: “The overall stagnation in prices we have seen over the past year or so may soon come to an end as global forces cause the market to unravel. Even London, which has defied market conditions over the past year, could come under severe pressure given the nature of the crisis unfolding.

“To date, the capital has thrived on the back of strong demand from international buyers and its relatively strong local economy, but the way things are going, who knows? Until people are genuinely confident about the economy and their own financial security the property market will remain very much on the back foot.”

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House prices seesaw: now they’re up overall (depending who you believe)

Nicholas Ayre, director of UK buying agent Home Fusion, said: “There is neither rhyme nor reason to the property market at present. Against a still grim economic backdrop, prices overall, according to this latest data, have risen over the past month and year respectively.

“What the CLG data underline categorically is the stark regional variations in prices. Prices in London, where supply is tight and demand relatively strong, are the polar opposite to those in Wales and Northern Ireland. The property market, very clearly, has fragmented into a series of micro-markets. It could be many years before we see the return of a property market that trends at a national level.”

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