Rightmove sees price ‘nudge’ up very slightly

[caption id="" align="alignnone" width="574" caption="March HPI from Rightmove.co.uk"][/caption] Rightmove.co.uks March HPI shows a very small increase of 0.8% nudging the average house asking price up marginally to £231,790 Rightmove sees the overall housing market as now being driven by the need for larger deposits which naturally pushes out the first time buyers and errace sellers and allows in the wealthier demographic. This is clearly seen by the drop of 31% in terraced properties being listed on March 2007 figures. Rightmove also attribute difficult market conditions to the ratio of flats to houses, with a 70:30 ratio in favour of houses up from a 50:50 split previously. For more information on any particular area visit: http://www.rightmove.co.uk/news/files/2011/03/march-2011.pdf Do you want to know what 2011 has in store? Download the Just Do Property 2011 Property Market Predictions eBook: http://www.justdoproperty.co.uk/ebooks/expert-predictions-2011-property-2-3835
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Large Fall in January lending! Unusual combinations to blame...

[caption id="attachment_4523" align="alignright" width="300" caption="Mortgage lending takes a large fall"][/caption] The CML (Council of Mortgage Lenders) believe an "Unusual combination of factor" caused the large fall of 26% in house price purchase lending in January. We normally expect to see a fall between December and January but not of this size, which could not have only been caused by seasonal factors. The CML believe this to come from: the governments spending cuts starting to bit rising inflation tax measures putting pressure on household budgets Decembers extreme winter weather uncertainty over interest rates All these factors had led to a very sluggish mortgage market. This fall itself is represented by 28,500 loans worth £4.2 billion pounds. CML director general Michael Coogan said: "Pressures on household budgets have been increasing both in terms of take home pay, and indirect tax measures such as the VAT increase and recent inflationary pressures, so we were...
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RICS sees new instructions edge up as Demand stabilises

[caption id="attachment_4337" align="alignright" width="300" caption=""Demand Stabilises" says RICS Survey"][/caption] RICS, the Royal Institute of Chartered Surevyors, has released its monthly survey results. Key points from the survey is: Headline Price Balance* improves - yet remains nagative New instructions rise and new enquiries stablise London bucks the trend by reporting rising prices The headline net price balance (Proportion of surveyors reporting a rise in prices minus those reporting a fall) continued to improve, but still indicates falling prices overall, with 31% of surveyors seeing a fall in prices against 11% seeing a rise. That being said 56% of surveyors have seen house prices remain static. Those surevyors who did see price falls, reported only small downward pressure with between 0-2% reduction. "Although negative, the headline net price balance has now improved for four months in succession and stands at its best level since July last year," Rics said. Not suprisingly London bucked...
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Home repossessions low but may rise this year

[caption id="attachment_4341" align="alignright" width="300" caption="Home Repossessions"][/caption] The Council of Mortgage Lenders (CML) has seen home repossessions fall during 2010 by 24% to 36.600. Along with this they have seen a fall in the number of people in arrears by2.5% or more. Both these facts have been supported by the unprecedented low interest rates for such a long period, as reported by the Bank of England this week. Of course if interest rates were to rise then the pressure on household finances would increase. "As we go through 2011, the number of people facing payment pressures may increase if interest rates rise, and as a result of the spending cuts that have resulted in reductions in the level of public support available," said the CMLs director general Michael Coogan For more information visit: http://www.rics.org/housingmarketsurvey Do you want to know what 2011 has in store? Download the Just Do Property 2011 Property Market...
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Fresh stock in short supply, but sales levels remain weak says RICS

[caption id="attachment_4337" align="alignleft" width="300" caption="RICS Survey sees a fall in stock"][/caption] The January RICS House Market Survey has highlighted that sales levels remain weak with the more surveyors reporting prices falling rather than rising. However the headline net price balance (Proportion of surveyors reporting a rise in prices minus those reporting a fall) has now improved for 3 months in a row. Now at -31 the figure is at its best level since July 2010. Fresh stock was also highlighted as being in short supply, which other organisations have indicated could help to reduce any price falls that could others continue. For more information visit: http://www.rics.org/housingmarketsurvey Do you want to know what 2011 has in store? Download the Just Do Property 2011 Property Market Predictions eBook: http://www.justdoproperty.co.uk/ebooks/expert-predictions-2011-property-2-3835
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Bank keeps interest rates low for now...

  The Bank of England today decide to keep the base interest rate at the all time low of 0.5%. Although it was widely believed that the Bank would make this decision, last month’s minutes show that members are contemplating a rate rise. Indeed with rising inflation due to food and fuel prices the bank will be under pressure to increase rates and are more than likely to do so fairly soon – some predicting this to happen in the spring. However we are unlikely to see large rises with the Bank wanted to balance the signal it will need to give the city that rates will rise to control inflation, against the potential that such rates could stifle any potential of a recovery. The quantitative easing (QE) measures were also retain at their current levels. The governor, Mervyn King, has previously indicated that he believes inflation to fall back sharply...
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House Price rise in January says Halifax, but down over three month average

[caption id="" align="alignright" width="374" caption="House Price rise in January says Halifax, but down over three month average"][/caption] The Halifax, now part of the Lloyds Banking group, reported a rise of 0.8% in January, a positive increase for the start of 2011. However the more stable 3 month on 3 month average was reported at -0.7%, continuing the decline of this figure since last spring. However the declines are no where near the large 5-6% quarterly falls seen during 2008. The UK average house price now stands at £164,173 – down -2.4% on last year, which is not a surprise as this time last year represents the peak from the rebound of the lows of 2009. We will continue to see negative yearly HPI figures for some months. Commenting Martin Ellis, housing economist said: "We expect limited movement in house prices overall this year. There are, however, likely to be some monthly...
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Rightmove believe Downward price trend has ended!

Rightmove.co.uk has today reported its January* House Price Index (HPI) and believes the downward price trend to have ended as new seller numbers hit a two year low. Yet this is only based on marginal increase in asking prices of 0.3% since December and a 0.4% increase over the year. The average asking price therefore stands at £223,121. Regionally of course not all areas have seen an increase over the last month, with the North and Yorkshire/Humberside seeing fairly large falls of -5.9% and -5.4% respectively. The Midlands have been leading the increase price surge, with West Midlands up 7.4% and East Midlands up 3.2%. Rightmove also believe that the forecast of spring stock shortages will help to underpin prices in popular locations, as new seller numbers dwindle. A record in internet search activity also point towards stirring buyer interest. Miles Shipside, director of Rightmove, comments: "This months price rise will...
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2011 UK Property & Economy Forecast - Property Fit

Fraser Macdonald from Property Fit does a roving report of what to expect in 2011.
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Expert predictions for 2011 property market - Kevin Green, Sarah Beeny.....

Expert Predictions for the 2011 property market. Find out what Kevin Green, Sarah Beeny, Simon Zutshi, Mark Jackson and many others predict for 2011. Download the FREE 2011 Property Market Prediction report * Email * First Name * = Required Field
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