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Topic: House prices rise in January
Posted: 21 Jul 2010 at 14:51

The number of homes sold in the UK in June rose by 21% from May to 86,000, HM Revenue & Customs has said.

The sales figures were the highest this year and were up 15% on the same month last year.

It means sales in the first half of 2010 have been 21% higher than in the first six months of 2009.

The Royal Institution of Chartered Surveyors (Rics) said the figures meant house sales were still subdued.

"Sales are still running well below the levels preceding the onset of the credit crunch, partly because of a shortage of mortgage finance as well as, until recently, the lack of stock on the market," a spokesman said.

Lenders have become sceptical that their mortgage lending will rise much further this year.

On Tuesday, the Bank of England warned that the tight supply of mortgages might become worse in the coming months, which could stop sales growing faster.

The renewed rise in house prices, which started in the spring of 2009, now seems to have reached a plateau, according to the most recent surveys from the Nationwide building society and the Halifax bank.

Rics recently forecast that prices may fall in the latter part of the year if the increasing number of homes for sale outnumbers potential buyers.

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Posted: 23 Jul 2010 at 13:29

Mortgage lending by the major UK banks dipped in June compared with the previous month, figures show.

The number of mortgages approved for house purchases in the month fell to 34,813, the British Bankers' Association (BBA) said.

However, net mortgage lending was still 4.1% higher than a year earlier.

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Posted: 29 Jul 2010 at 11:06

House price inflation in the UK continued to ease off in July, the Nationwide building society has said.

Its latest monthly survey shows that prices fell by 0.5% this month, taking the annual rate of house price inflation down from 8.7% to 6.6%.

The price of the average home is now £169,347, almost the same as it was in July 2008.

The Nationwide said price rises were easing off as more homes were being put up for sale.

"At the moment, the market is clearly easing relative to the very tight supply conditions that characterised it since early 2009," said the society's chief economist Martin Gahbauer.

"A combination of restrictive credit conditions and uncertainty about the future economic outlook continues to limit the pool of buyers to those with relatively large financial resources," he added.

Falling prices?

Buyers typically still have to put down a deposit of at least 25% to secure a mortgage as banks and building societies continue to ration their mortgage lending in the wake of the credit crunch and banking crisis of 2007 and 2008.

The Nationwide pointed out that the number of completed home sales was still running at about half the level recorded before the credit crunch started.

Since the spring of 2009 prices had been pushed higher again, mainly by a shortage of homes coming onto the market for sale.

Earlier this month, the Royal Institution of Chartered Surveyors (Rics) said it expected prices to start falling in the second half of this year, as sellers started to outnumber buyers.

However, the Nationwide said it was less certain about the prospect for prices.

"It will take several more months to establish whether house prices are now simply oscillating around a flat price trend or whether a period of downward trending prices may be in store," Mr Gahbauer said.

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Posted: 02 Aug 2010 at 12:37

Mortgage lenders continue to ration the size of their loans to home buyers and people remortgaging.

The number of deals on offer has risen by 66% this year, from 1,414 in January to 2,351 now, says the financial information service Moneyfacts.

But 58% of the deals available still require a downpayment of at least 25% of the home being bought.

And the proportion requiring only a 10% deposit still stands at just 8% of all the mortgages currently on offer.

"There has been no real movement in the overall number of new mortgages available on the market [in the past month], but those that are available continue to be more competitive," explained Michelle Slade of Moneyfacts.

"Many of the best deals are now available for a 25% deposit, having previously only been available for those with a 40% deposit."

Lower rates

Although there has been little change this year in the proportion of mortgage deals requiring smaller deposits, the average interest rate being charged on them has drifted down.

The average two-year fixed rate deal now comes with an interest rate of 4.5% compared to 4.9% in January.

Three-year fixed rates now cost on average 5.2% instead of 5.5% at the start of the year, and five-year deals now cost 5.6% instead of the 6.1% charged in January.

However these figures disguise the very wide difference in the interest being charged according to the size of the deposit being put down.

According to Moneyfacts, a two-year fixed deal with just a 90% deposit comes with an interest charge of 6.2%, but a 25% deposit brings that down to 4.1% while a 40% deposit attracts an interest charge of just 4%.

Demanding deposits

According to statistics from the Council of Mortgage Lenders (CML), the average first-time buyer is now putting down a deposit of £35,000 to buy a home.

Aaron Strutt, of mortgage brokers Trinity Financial, said there were only four deals on general offer with just a 5% deposit.

And deals from the big banks with 10% deposits were often very expensive.

"RBS have one of the worst rates available for first-time buyers with a 10% deposit - 6.89% fixed for five years," he said.

"You would have to be really desperate to take this rate," he added.

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Posted: 04 Aug 2010 at 13:24

UK house prices have continued to stabilise, according to the latest report from the Halifax.

Prices rose 0.6% in July, the Halifax said, reversing a fall seen in June, but values have changed little since the start of the year.

The annual house price inflation rate fell from 6.3% to 4.9%, with the average property now costing £167,425.

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Posted: 10 Aug 2010 at 13:07

House prices are starting to fall, the Royal Institution of Chartered Surveyors (Rics) has said.

Most surveyors had seen no change in the past three months, but those seeing a fall in prices outnumbered those reporting a rise.

It was the first time since July last year that the monthly survey has detected a downturn.

Separate figures showed that growth in UK retail sales slowed sharply in July on fears about government cuts.

The British Retail Consortium said like-for-like sales, which strip out the impact of sales from new stores, rose by 0.5% in the month compared with a 1.2% rise in June.

"After some months of stability within the retail sector, these data are a warning signal that things could be about to take a turn for the worse," said Neil Saunders at research group Verdict.

The British Retail Consortium said like-for-like sales, which strip out the impact of sales from new stores, rose by 0.5% in the month compared with a 1.2% rise in June.

"After some months of stability within the retail sector, these data are a warning signal that things could be about to take a turn for the worse," said Neil Saunders at research group Verdict.

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Posted: 27 Aug 2010 at 13:04

House price inflation in England and Wales is running out of steam, according to the latest figures from the Land Registry.

Although prices rose by 0.4% in July, the annual rate of increase fell back from 8.5% to 6.7%.

The figures chime with those of other surveys which have also suggested that prices have reached a plateau.

The average house price in England and Wales went up to £166,798, just £1,864 higher than in January.

The annual rate of house price inflation has now fallen for two months in a row, after picking up for the previous 15 months.

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Posted: 31 Aug 2010 at 15:07

Homeowners who bought at the peak of the market face four more years of negative equity, a housing group said.

The National Housing Federation (NHF) said the average buyer in England paid £216,800 for a home in 2007.

They may now have to wait until 2014 before prices recover enough to make their homes worth more than their loan.

Meanwhile, figures from the Bank of England show that the number of mortgages approved for UK home buyers was barely changed in July at 48,722.

The figures reinforce data from lenders and surveys which suggest that prices have reached a plateau after the revival that started in the spring of 2009.

The Bank's figures show that in July, the number of mortgage approvals was just 160 higher than in June and only slightly higher than the average recorded in the previous six months.

With lenders continuing to ration severely their loans to house buyers, net mortgage lending rose by only £86m in July, one of the lowest monthly increases on record.

"The Bank's July mortgage figures offer further evidence of a stabilisation in the level of home loans," said Brian Murphy of mortgage brokers the Mortgage Advice Bureau.

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Keymaster Members Profile Find Members Posts Forum Regular Joined: 27 Sep 2008 Online Status: Offline Posts: 291	Quote Reply Topic: House prices rise in January Posted: 21 Jul 2010 at 14:51
	The number of homes sold in the UK in June rose by 21% from May to 86,000, HM Revenue & Customs has said. The sales figures were the highest this year and were up 15% on the same month last year. It means sales in the first half of 2010 have been 21% higher than in the first six months of 2009. The Royal Institution of Chartered Surveyors (Rics) said the figures meant house sales were still subdued. "Sales are still running well below the levels preceding the onset of the credit crunch, partly because of a shortage of mortgage finance as well as, until recently, the lack of stock on the market," a spokesman said. Lenders have become sceptical that their mortgage lending will rise much further this year. On Tuesday, the Bank of England warned that the tight supply of mortgages might become worse in the coming months, which could stop sales growing faster. The renewed rise in house prices, which started in the spring of 2009, now seems to have reached a plateau, according to the most recent surveys from the Nationwide building society and the Halifax bank. Rics recently forecast that prices may fall in the latter part of the year if the increasing number of homes for sale outnumbers potential buyers.

Hi Members Profile Find Members Posts Forum Regular Joined: 21 Nov 2009 Online Status: Offline Posts: 122	Quote Reply Posted: 23 Jul 2010 at 13:29
	Mortgage lending by the major UK banks dipped in June compared with the previous month, figures show. The number of mortgages approved for house purchases in the month fell to 34,813, the British Bankers' Association (BBA) said. However, net mortgage lending was still 4.1% higher than a year earlier.

johns Members Profile Find Members Posts Admin Group Joined: 21 Apr 2008 Online Status: Offline Posts: 133	Quote Reply Posted: 29 Jul 2010 at 11:06
	House price inflation in the UK continued to ease off in July, the Nationwide building society has said. Its latest monthly survey shows that prices fell by 0.5% this month, taking the annual rate of house price inflation down from 8.7% to 6.6%. The price of the average home is now £169,347, almost the same as it was in July 2008. The Nationwide said price rises were easing off as more homes were being put up for sale. "At the moment, the market is clearly easing relative to the very tight supply conditions that characterised it since early 2009," said the society's chief economist Martin Gahbauer. "A combination of restrictive credit conditions and uncertainty about the future economic outlook continues to limit the pool of buyers to those with relatively large financial resources," he added. Falling prices? Buyers typically still have to put down a deposit of at least 25% to secure a mortgage as banks and building societies continue to ration their mortgage lending in the wake of the credit crunch and banking crisis of 2007 and 2008. The Nationwide pointed out that the number of completed home sales was still running at about half the level recorded before the credit crunch started. Since the spring of 2009 prices had been pushed higher again, mainly by a shortage of homes coming onto the market for sale. Earlier this month, the Royal Institution of Chartered Surveyors (Rics) said it expected prices to start falling in the second half of this year, as sellers started to outnumber buyers. However, the Nationwide said it was less certain about the prospect for prices. "It will take several more months to establish whether house prices are now simply oscillating around a flat price trend or whether a period of downward trending prices may be in store," Mr Gahbauer said.

Hi Members Profile Find Members Posts Forum Regular Joined: 21 Nov 2009 Online Status: Offline Posts: 122	Quote Reply Posted: 02 Aug 2010 at 12:37
	Mortgage lenders continue to ration the size of their loans to home buyers and people remortgaging. The number of deals on offer has risen by 66% this year, from 1,414 in January to 2,351 now, says the financial information service Moneyfacts. But 58% of the deals available still require a downpayment of at least 25% of the home being bought. And the proportion requiring only a 10% deposit still stands at just 8% of all the mortgages currently on offer. "There has been no real movement in the overall number of new mortgages available on the market [in the past month], but those that are available continue to be more competitive," explained Michelle Slade of Moneyfacts. "Many of the best deals are now available for a 25% deposit, having previously only been available for those with a 40% deposit." Lower rates Although there has been little change this year in the proportion of mortgage deals requiring smaller deposits, the average interest rate being charged on them has drifted down. The average two-year fixed rate deal now comes with an interest rate of 4.5% compared to 4.9% in January. Three-year fixed rates now cost on average 5.2% instead of 5.5% at the start of the year, and five-year deals now cost 5.6% instead of the 6.1% charged in January. However these figures disguise the very wide difference in the interest being charged according to the size of the deposit being put down. According to Moneyfacts, a two-year fixed deal with just a 90% deposit comes with an interest charge of 6.2%, but a 25% deposit brings that down to 4.1% while a 40% deposit attracts an interest charge of just 4%. Demanding deposits According to statistics from the Council of Mortgage Lenders (CML), the average first-time buyer is now putting down a deposit of £35,000 to buy a home. Aaron Strutt, of mortgage brokers Trinity Financial, said there were only four deals on general offer with just a 5% deposit. And deals from the big banks with 10% deposits were often very expensive. "RBS have one of the worst rates available for first-time buyers with a 10% deposit - 6.89% fixed for five years," he said. "You would have to be really desperate to take this rate," he added.

Keymaster Members Profile Find Members Posts Forum Regular Joined: 27 Sep 2008 Online Status: Offline Posts: 291	Quote Reply Posted: 04 Aug 2010 at 13:24
	UK house prices have continued to stabilise, according to the latest report from the Halifax. Prices rose 0.6% in July, the Halifax said, reversing a fall seen in June, but values have changed little since the start of the year. The annual house price inflation rate fell from 6.3% to 4.9%, with the average property now costing £167,425.

basil Members Profile Find Members Posts Forum Regular Joined: 28 Apr 2008 Online Status: Offline Posts: 322	Quote Reply Posted: 10 Aug 2010 at 13:07
	House prices are starting to fall, the Royal Institution of Chartered Surveyors (Rics) has said. Most surveyors had seen no change in the past three months, but those seeing a fall in prices outnumbered those reporting a rise. It was the first time since July last year that the monthly survey has detected a downturn. Separate figures showed that growth in UK retail sales slowed sharply in July on fears about government cuts. The British Retail Consortium said like-for-like sales, which strip out the impact of sales from new stores, rose by 0.5% in the month compared with a 1.2% rise in June. "After some months of stability within the retail sector, these data are a warning signal that things could be about to take a turn for the worse," said Neil Saunders at research group Verdict. The British Retail Consortium said like-for-like sales, which strip out the impact of sales from new stores, rose by 0.5% in the month compared with a 1.2% rise in June. "After some months of stability within the retail sector, these data are a warning signal that things could be about to take a turn for the worse," said Neil Saunders at research group Verdict.

Julie Members Profile Find Members Posts Forum Newbie Joined: 12 Oct 2009 Online Status: Offline Posts: 34	Quote Reply Posted: 27 Aug 2010 at 13:04
	House price inflation in England and Wales is running out of steam, according to the latest figures from the Land Registry. Although prices rose by 0.4% in July, the annual rate of increase fell back from 8.5% to 6.7%. The figures chime with those of other surveys which have also suggested that prices have reached a plateau. The average house price in England and Wales went up to £166,798, just £1,864 higher than in January. The annual rate of house price inflation has now fallen for two months in a row, after picking up for the previous 15 months.

Jamie Members Profile Find Members Posts Forum Member Joined: 04 Nov 2009 Online Status: Offline Posts: 81	Quote Reply Posted: 31 Aug 2010 at 15:07
	Homeowners who bought at the peak of the market face four more years of negative equity, a housing group said. The National Housing Federation (NHF) said the average buyer in England paid £216,800 for a home in 2007. They may now have to wait until 2014 before prices recover enough to make their homes worth more than their loan. Meanwhile, figures from the Bank of England show that the number of mortgages approved for UK home buyers was barely changed in July at 48,722. The figures reinforce data from lenders and surveys which suggest that prices have reached a plateau after the revival that started in the spring of 2009. The Bank's figures show that in July, the number of mortgage approvals was just 160 higher than in June and only slightly higher than the average recorded in the previous six months. With lenders continuing to ration severely their loans to house buyers, net mortgage lending rose by only £86m in July, one of the lowest monthly increases on record. "The Bank's July mortgage figures offer further evidence of a stabilisation in the level of home loans," said Brian Murphy of mortgage brokers the Mortgage Advice Bureau.