When most houses in the UK are losing value one home is actually increasing at an enormous rate. This house is the former home of footballer celebrity David Beckham, the property which should have a price tag of about £250,000 has been put on the market for a staggering £850,000
In a move that is expected to bring transparency to the real estate market, finance minister P Chidambaram launched the official Housing Price Index, developed by India's home loans regulator, the...
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Money Programme interview with the Editor of MoneyWeek, Merryn Somerset Webb on UK house prices which have been falling at their fastest pace in history over the past two months. This lady has been proved right for steering buyers away from property in recent years. Listen to hear about the outlook now.
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The average price of homes rose by four per cent in the past 12 months, less than Spain's 4.6 per cent inflation rate, the housing ministry said.In a sign that the world financial crisis is starting to bite in continental Europe, rising interest rates have reduced Spanish spending power after 12 years of economic expansion, immigration and declining unemployment that had spurred a boom in real estate investment.
The pound was weaker on Tuesday after a new report from mortgage lender Halifax showed that house prices fell by 2.5 percent in March.The price declines made it more likely that the Bank of England will cut interest rates soon.At around 11 a.m. in New York, the pound traded at 79.81p to the euro and at 50.81p to the US dollar, while it took ¥201.8488 or SFr1.9953 to buy a pound.The US dollar was slightly weaker versus the euro and the yen ahead of the release of the minutes from the most recent meeting of the Federal Reserve, due to be released later on Tuesday afternoon.The greenback was trading at $1.5696 to the euro and was worth ¥102.6450 in late morning trade in New York.Speculation that the South African Reserve Bank will hike interest rates to 11.25 percent later this week send th
The average cost of a home in England and Wales rose by just 5.3% during the 12 months to the end of February, the slowest rate of gain since July 2006, according to the Land Registry.At the same time monthly house price growth stalled, with the average value of a property remaining unchanged at £185,616.The overall figure masked more gloomy regional variations, with house prices falling in seven out of 10 regions during the month.
The election campaign slogan of newly elected President Demitris Christofias for a “just society” passes mainly through his Ministry, given the fact that the majority of the laws which regulate internal administration has to do with issues the Minister of Interior deals with.Neoklis Sylikiotis returns to the “Ministry of the Citizen”, as he calls the Interior Ministry, under the Presidency of Demetris Christofias, something that gives him the opportunity and the time to finish the work he started some years ago, as he says, in combination with a new government programme, aiming to put a human face to politics.In an interview with CNA, he declares his dedication to put a halt to rising house prices, places at the top of his priority list activities which express the social policy of
It has been claimed that the UK's economy could be heading for a sharp consumer slowdown similar to that seen in the United States if house prices continue to fall.According to Capital Economics, the similarities between UK and US consumers are "disturbing", with the UK consumer sector suffering from the same build up of imbalances as in the US.The group added that a key driver of the slump in the US had been falling house prices, which are now being seen in the UK too.And it said that people in the UK are more indebted than those in the US, with total household debt now standing at the equivalent of 175% of household disposable income, compared with only 128% for Americans.Capital Economics added that while household assets had risen more sharply in the UK than in the US, the UK's housing
According to a new study by SMR Research Corporation the housing "bubble" -- whose bursting triggered the current mortgage credit crisis -- has now fully deflated.
This sets the stage for a mild housing recovery, which SMR said would begin prior to year end 2008.
The recovery is likely to be gradual, with house prices merely firming up or increasing slightly, rather than returning to the strong
An interesting letter from a housepricecrash.co.uk post.Hi all,I first posted on here a few months back now with a dilema about accepting a low offer on a property. Since then I've had something of a roller coaster experience so I thought I'd share it.Started trying to sell a house for £240k in April last year. 2000 built 4 bed house in the East Midlands. That price was perhaps 2 to 5k above what others were asking for similar properties in the same area, but I was prepared to lower it if need be and my house had a nice aspect and was clean and tidy, with a few extras like a conservatory. Over the summer I had very little interest so I started to do three things. 1) Lower the price, by 5k at a time, until viewers and then offers arrived. 2) Sanatised the house, decorated (in magnolia), re
Property website Rightmove has released its latest house price index announcing a "Summer sale" for house buyers. The report shows that on average, house prices fell by 1% over the four weeks leading up to 9th July, indicating that the "affordability gap" between house prices and buyers ability to purchase, is at last starting to close. The price fall has been heralded as a great boost for house buyers and an indication that the fears of an expected imminent price crash may be premature. The statistics show that the asking price demanded by sellers over the report period fell by an average of £1,993 implying that; "Sellers are now realising they have to compromise some degree of their gains in order to sell their properties," said Miles Shipside, Commercial Director of Rightmove. The Rightmove conclusions correspond with other reports from Halifax and the Nationwide Building Society. Halifax reported that annual house price inflation had fallen behind average earnings growth for the
According to the Land Registry, the house price inflation in England and Wales slowed down in July. The recent survey it carried out recently shows that the increase was only 0.1% in July. This is claimed to be the lowest during the previous 13 months. As a result the house price inflation has dropped down to 8.8% from 9.1%.
London and the South East seem to be still leading the price increases; keeping the rate divergence between London and the rest of the country.
Some experts argue that the recent 5 increases in interest rates by the Bank of England is paying dividends in slowing the house price increases down.
Art Market Madness: The Auction House Price Guarantee
I received a news article the other day which was rather startling but very exciting. What was even more startling was that I received another article on my desk a couple of days later which reported another instance of the same scenario. What was is that excited me so much, well, the two articles reported two separate auction houses offering guarantees to the vendors of certain paintings that they would get a certain price for their artwork at auction. That’s right, both Sotheby’s and Christies guaranteed that the vendor of a Rothko painting at an auction in the USA would receive at least a certain amount of money for the work regardless of the sales outcome. Christies and Sotheby’s even tried to outdo each other by raising the guaranteed sale price they were offering the vendor in an effort to secure the s
The Financial Times says that according to rating agency Standard & Poor's, Spanish corporate debt is at an historic high point, totalling 106 per cent of gross domestic product last year compared with a Eurozone average of 70 per cent. The surge follows a credit-driven acquisition spree at home and abroad. But banks that extended credit freely into the boom are now encountering problems in syndicating some of the riskier loans.
The HPI (House Price Index) is a measure of the movement of single-family house prices prepared quarterly by the Office of Federal Housing Enterprise Oversight (OFHEO). Because of the breadth of the sample, it provides more information than is available in other house price indexes. It is a measure designed to capture changes in the value of single-family homes in the U.S. as a whole, in various regions of the country, and in the individual states and the District of Columbia. The HPI is published by the Office of Federal Housing Enterprise Oversight (OFHEO) using data provided by Fannie Mae and Freddie Mac. OFHEO began publishing the HPI in the fourth quarter of 1995.
The HPI is published every three months, approximately two months after the end of the previous quarter. For more information visit this HPI FAQ page.
There is an interesting essay question from an old AQA AS paper.Should the Government leave house prices to market forces, or actively intervene to prevent a house price crash? Justify your answer. (15 marks AQA Jan - 2006)View: Suggestions on how to answer this Essay on the Housing MarketBasically, a house price crash would have serious economic consequences for the UK economy. (Effects of house prices on UK economy) Therefore it is best for the government to prevent a house price crash, if possible. However, if house prices are fundamentally overvalued, as some suggest, there is little the government can do to prevent them falling.Also, not everyone will be displeased to see house prices fall. Especially, those first time buyers who have been priced out of the market.The rise in House prices has led to a dramatic shift in wealth from the younger generation to the older generation. There is also little political will to do anything about it.Related Posts:Why House prices have risen in
The media over the past few years, in reporting inflation and rumours about it’s true levels, has worked on the general principle that rises in the prices of essential commodities are a bad thing, and that the government and Gordon Brown are cleverly trying to hide them from us by sleight of hand. There is one basic necessity commodity, however, that has always escaped this consensus, that commodity of course is housing. As evidenced by various sensationalist headlines, like the one seen on Friday in the Daily Express shown here, it seems that continuing inflation in the price of homes is news to be “toasted” and “celebrated” by Britons, and this can only be a good thing for the country. It certainly helps Gordon appear to be doing a bang up job anyway. Or does it?
A similar headline appeared in the Telegraph on Friday stating that rises in house prices are now outstripping earned income from regular jobs for many people. Why work hard at your
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My answer to HPC (spit) forum, for banning me. How very dare they! Thanks to the person who shall remain nameless for the idea (you know who you are). I'll say it again: The best and only HPI forum worth bothering with is GLOBAL HOUSE PRICE CRASH.
