Property Derivatives
All posts tagged: House Prices
Residential Market - house prices could fall as much as 6.6% next year
Latest research from Savills last week said that UK house prices could fall as much as 6.6% next year as unemployment deters buyers and more property becomes available on the market.
Adding that values were unlikely to return to 2007 peak levels until 2014.
Cluttons LLP echoed this view predicting a 1.5% drop in 2010 and saying that they didn’t expect values to return to peak levels until late 2013.
Consequently the front end of the HHPI curve came back a little reflecting these concerns.
The Royal Institute of Chartered Surveyors, (RICS) reported that 34% more Estate Agents, reported seeing a rise in property prices during October, than those recording declines.
In September the number was 21%.more. They also reported that in Q3 the average number of sales per surveyor slightly rose to 19 from 18.5 in Q2.
Residential Market: House price rise
This week the Land Registry reported that house prices rose 1.7% in July, making it the strongest monthly growth figure since July 2004.
Mortgage approvals rose to 50,123 in July, up from 47,891 in June.
This is the highest level of approvals in 15 months and could be an important driver of house prices in the coming months, as there will be more money available for house purchases.
Prime residential property prices in central London rose for the fifth month in a row in August, with transactions 90% higher than January 2009, according to the latest data published by Knight Frank.
August’s number showed a 1% increase and boasted prices to 6.4% higher than they were in March.
KF also noted sales volumes to be up 234% compared with August 2009 and another trend showed that houses continue to outperform flats.
