Property stocks pushed out of FTSE 100
House price slump ‘to last four years’
House prices to fall 9% in 2008
Housebuilders hit by gazundering
Barratt against wall as housing crisis grows
Axe hangs over 15,000 estate agents
4million pay mortgages with credit card
US ‘will beat UK’ out of the credit crunch
First-time buyers need a £32,500 deposit
Bad debt to keep growing, says HBOS
Posts Tagged ‘house price falls’
London’s negative equity locations
Sunday, April 20th, 2008The London postcodes at greatest risk from the housing crisis was revealed today by the Evening Standard. Tens of thousands of home owners across the capital will be plunged into negative equity this year if property prices fall by 20%. People who have taken on huge mortgages compared with the value of their property will owe more than the building is worth. The worst hit would be buy-to-let investors who tried to cash in on the housing boom, according to analysis obtained by the Evening Standard. Below are the top 10 streets and London boroughs most likely to be affected. Find out more at thisismoney.co.uk.
Top 10 London streets most at risk:
Calderwood Street SE18
Erebus Drive SE28
Queenstown Road SW8
Woolwich Common SE18
St Saviours Estate SE1
Glashier Street SE8
Greenhaven Drive SE28
St John’s Estate N1
Great Dover Street SE1
Borough High Street SE1
Risk level by London boroughs:
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House prices dropping by £120 a day
Monday, January 21st, 2008House prices are dropping around £120 a day with experts warning that the year ahead looks bleak. Rightmove reported that prices have dropped by a total of nearly 5% since October, including a 0.8% decrease this month. Asking prices have fallen by up to 40% on some properties in recent months, according to website Property Snake, which gives details of asking prices which have been slashed. The price falls are hitting some parts of England more than others, with prices still rising in London and the North. The biggest loser is the East Midlands with prices dropping 6.1% in January alone. It is a cruel blow for anybody who recently stretched themselves to the limit to buy a home.
Is falling house price such a big deal?
Wednesday, January 16th, 2008The one question which nobody seems to ask is – does it matter if house prices fall? If you don’t need to move home and can meet your mortgage repayment commitments, the value of your home, in the short term at least, is immaterial. Even if you have to move house, if the value of your own property has fallen by 10% then the likelihood is that the property you want to buy will have fallen by a similar proportion. For homeowners trading up, falling house prices are a positive advantage. Ultimately, lower house prices will make homes more affordable and bring larger numbers of first-time buyers into the market, many of whom have been priced out. It is also a time when experienced investors look to buy at the right price. When house prices go up, people have the confidence to spend (home improvements, furnishings etc), which keeps the economy going. Falling house prices however, make them much more reluctant to do this.
Rate of house price falls not seen since 1992
Wednesday, January 16th, 2008House prices are falling as quickly today as they did in the crash of the early nineties and only further cuts in interest rates will avoid a property meltdown, according to the Royal Institution of Chartered Surveyors (RICS). Its statistics show that nearly two-thirds of surveyors saw prices falling in December and virtually none say they are rising. The crunch has hit almost every part of England and Wales, while the West Midlands is suffering its fastest fall in history. However, the RICS says market conditions are better than before the 1990s crash. The coming months will be of great importance and many would-be-buyers (as well as homeowners on tracker rates) will be watching the Bank of England’s interest rate decisions while lenders remain reluctant to part with finance.
