What Is In-Store For 2010?
There have been a lot of predictions floating around about the property market over the last quarter of 2009. On the one hand you have got property advisors predicting that property prices will rise by 3%-5% over the next 12 months. But others such as Savills and Capital Economics are seeing a much bleaker picture with property prices falls of 6.6%-10%.
However, if we have learnt anything over the last year is that as property investors we need to take these predictions with a pinch of salt. After all, if you compare the predictions laid out at the beginning of 2009 to what actually occurred, property experts saw no property price increases at all…
2009 – The Year Of Huge Investments
Research by the Investment Management Association (IMA) has found that 2009 was a year for huge volumes of private property investment compared to 2008.
In their research, the IMA discovered that ten times more money was piled into investment funds during the first 11 months of the year which caused their net sales to soar past the £2 billion mark for 8 months in a row as confidence in the market grew.
Top 10 Most Expensive Streets In Scotland
According to a report by the Bank of Scotland, Edinburgh holds six out of ten of the most expensive streets in Scotland, with many topping average property prices of £580,000 – £960,000.
In their report, the Bank of Scotland revealed that many of their most expensive streets were the most humble of conditions when viewed from the outside.
Government Abolishes Repossession Loophole
Rogue lenders keen to repossess properties – without going to court – will no longer be able to do so according to the Ministry of Justice.
Currently lenders have the legal right to repossess and sell a property without seeking either the agreement of the owner or of the courts, should the homeowner fall into 2 months of arrears.
Property At Risk Of Becoming A 2-Tier Market
Those with parents who have got the money to help get them onto the property ladder, may be experiencing the highs of 20% property price discounts, but according to research by the Royal Institution of Chartered Surveyors (RICS) such acts are creating a 2-tier property market i.e. those who can afford property and those who can’t.
In November alone, property sales from first time buyers fell to an all time low of 19%, even despite the numerous attempts by the government to help first time buyers to invest.
Should Flat Owners Extend Their Lease?
According to recent research, flat owners currently living in apartments built in the 1960’s, 70’s or 80’s could be at risk of having to pay higher fees to extend their leases if they do not act soon.
Due to the delicate nature of these properties life spans, property experts are advising flat owners in England or Wales to either extend or own their leases otherwise they could soon be faced with leasehold enfranchisement and leasehold extension.
Property Prices Defy Predictions And Rise By £10,000
Despite property advisors previous predictions that 2009 would end with further property price falls, the Halifax has reported an annual price increase of over £10,000.
In fact, for the last 6 months the property market has witnessed an increase in property values of up to 9.4%, bringing UK property prices up to an average of £169,042.
Are Residential Properties Now Fairly Priced?
Since the onset of the credit crunch/recession in 2007, many economists have argued that consequent property price falls have brought properties down to more realistic values. Describing them as ‘over-priced’ and supported solely by the ‘pressures of the property boom’, these properties did not come anywhere close to the costs it took to build them…
More than 2 years on and it is fair to say that property prices are no where near their highs of 2007, but the question still remains – are they now more fairly priced?
81% Of Homeowners Expect Prices To Rise
Research by popular property website Zoopla.co.uk has shed some light on where homeowners feel the future of the property market lies.
In their latest Housing Market Sentiment Survey, Zoopla found that 81% of property owners felt that property prices would rise during the first half of 2010, despite previous predictions by property advisors who felt that 2010 would become a year of static property prices.
Property Prices Defy Predictions And Rise By £10,000
Despite property advisors previous predictions that 2009 would end with further property price falls, the Halifax has reported an annual price increase of over £10,000.
In fact, for the last 6 months the property market has witnessed an increase in property values of up to 9.4%, bringing UK property prices up to an average of £169,042.
Want to know more? Click here to keep reading the full story…
2009 – The Year Of Huge Investments
Research by the Investment Management Association (IMA) has found that 2009 was a year for huge volumes of private property investment compared to 2008.
In their research, the IMA discovered that ten times more money was piled into investment funds during the first 11 months of the year which caused their net sales to soar past the £2 billion mark for 8 months in a row as confidence in the market grew.
Interested in finding out whether your property investments could have been affected by this increase?
What Is In-Store For 2010?
There have been a lot of predictions floating around about the property market over the last quarter of 2009. On the one hand you have got property advisors predicting that property prices will rise by 3%-5% over the next 12 months. But others such as Savills and Capital Economics are seeing a much bleaker picture with property prices falls of 6.6%-10%.
However, if we have learnt anything over the last year is that as property investors we need to take these predictions with a pinch of salt. After all, if you compare the predictions laid out at the beginning of 2009 to what actually occurred, property experts saw no property price increases at all…
Learn how 2010 will impact on your investment choices…
Are Residential Properties Now Fairly Priced?
Since the onset of the credit crunch/recession in 2007, many economists have argued that consequent property price falls have brought properties down to more realistic values. Describing them as ‘over-priced’ and supported solely by the ‘pressures of the property boom’, these properties did not come anywhere close to the costs it took to build them…
More than 2 years on and it is fair to say that property prices are no where near their highs of 2007, but the question still remains – are they now more fairly priced?
Read more to hear economists predictions…
81% Of Homeowners Expect Prices To Rise
Research by popular property website Zoopla.co.uk has shed some light on where homeowners feel the future of the property market lies.
In their latest Housing Market Sentiment Survey, Zoopla found that 81% of property owners felt that property prices would rise during the first half of 2010, despite previous predictions by property advisors who felt that 2010 would become a year of static property prices.
Click here to find out why…
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Tags: 2010, expensive streets scotland, flat owners lease, institution of chartered surveyors, repossesion, repossession loophole
