Property facts & figures*
45,000 the number of properties which the Council of Mortgage Lenders predicts could be repossessed by December. Latest data from the CML shows that by the end of the year 170,000 mortgages will be in arrears of more than three months.
93% fewer buy-to-let mortgage products are now on the market, compared with last year!
4.4% the new annual rate of inflation, which is more than twice the Government's two per cent target. This rise will make the September interest rate decision by the Bank of England an even more tense affair, with accelerating inflation and a slowing economy.
*Source: http://www.pressdisplay.com/pressdisplay/viewer.aspx
posted by (26/11/1926 - 21/01/2010)
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Savills to report 45% slump in deals.
But their not the only one's feeling the heat of the economic downturn as the average price of UK home last month fell £21,733 from July '07
*Source The Independent Newspaper 25/08/08
AS the old saying goes 'When America sneezes the world catches a cold'
The US property market has been very popular with British buyers, no doubt drawn by the weak dollar.
According to Homes Overseas magazine, people from the UK account for the second-highest proportion of foreign buyers in the country.
Miami-based British realtor Keith Bacon, of Fortune international, was quoted in The Mail On Sunday 24/08 as saying "All these English people who have bought in Miami hoping to make a killing or who just want to sell because they have to, are sitting on depreciating assets. The prices of new flats are tumbling all the time - as much as 30% a year. And even if something is priced at rock bottom, buyers have a choice. They don't care about free cars or renovations. They just want a knock-down bargain and Florida is now a bargain basement."
Callum Roberts lettings business has increased by about 50% in the last 3 - 4 months for a number of factors...
Want to know what your neighbour’s home sold for, the flood risk, crime stats, local school reports, or even get a free house price valuation? If you know where to look it’s all available 'non gratis' on the web. Check out MoneySavingsExpert.com
The economical downturn has knocked everyone for six; sales are down and there are worrying signs that they are about to fall even further. As a consultant I worry that it's only a matter of time before companies have to think about making redundancies.
With mortgages rationed and falling house prices, estate agents are suffering a massive fall in business that could severely damage the real-estate sector.
More firms can't pay up* One of the worst-hit sectors is construction , which is being battered by Britain's property crash.
New construction orders for private homes suffered their sharpest drop since records began in the 1980's, an Office of National Statistics report showed yesterday.
Demand had dropped by 39pc in three months to the end of August, compared with the same period last year.
*source Daily Mail 03/10/08
Good points. I read separate figures from the Chartered Institute of Purchasing & Supply (www.cips.org) showed a records fall in building activities for September. It's index of building orders falling 1.7pc on previous month.
Banks lending to small firms despite ‘credit crunch’ Despite the current economic turbulence, new figures suggest that many of the major high street banks are still lending to small businesses.
Here's another statistic for you 16% that's the average deposit first time buyers need to put down to get a mortgage.
If the average flat in London costs £321,764 that's a whopping £51,482 to put down!
13,161 Homes repossesed during the third quarter of last last year.
92% more than during the same period of 2007, with more in the pipeline!
£2,000,000,000,000 That's the mind boggling total of Britain's national debt revealed by the Office of National Statistics this week.
5.1pc drop in property prices over the last 12 months according to the Land Registry.
73pc of consumers think banks lend irresponsibly according to an Asda financial services survey.
90pc LTV from Northern Rock. That's a dramatic U-turn for the UK bank, backed by the British taxpayer. When will we ever learn :-(
3.4 times - that's the average number of times people move during thier lifetime. Although the forecast for 2009 is severe, the good news is that downturns have always presented big opportunities for those with cash funds to buy up prime real estate on the cheap!
21.1pc drop in house prices in my town of Windsor in the last 6 months.
The asking price for my property in September last year was £379,975, now we're getting getting offers under £300 grand!
According to the press my town is on a list of 16 towns up and down the country, considered as blackspots; where property prices have fallen by as much as 20pc
The Good News First! House prices in Britain are up 1.2% on last month which means my dream 1 bed flat in SE26 is now worth an extra £1700. For a first time buyer like me, that's not so great is it? Even though we're officially out of a recession everyone is still worried about their job security. This is compounded by the lack of cheap mortgage deals available at the moment
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