British property price indices

British property price indices

British property price indices

The end of 2010 was welcomed by home sellers as asking prices for flats on website rightmove fell by 3 percent in what the website describes as the most horrible November / December for 12 months. Prices are therefore flat over the entire of 2011 across the UK. Only the South West is bucking the trend. In Scotland the average property asking price dropped ?3000 this year with South Lanarkshire facing the largest from of an average ?5,600. Nicholas Leeming, commercial director of Zoopla, said: "Scotland's property boom outlasted much of the rest of the UK, but the recovery has been greater and more accelerated across the border in England, driven by London and the south east"

More abominable news for Scotland came out this week when Close Payment Services, the company that supplies 20% of the Home Reports required to put your house on the market in Scotland, has confirmed that it is pulling out of the Scottish market. Faced by new EU regulations on credit facilities and probably more importantly bad debts has forced their hand.

However, this now means that the ordinary Scottish seller now has to find ?800.00 just to put their house on the market unless they are selling with an Scottish Online Estate Agent who offer cheap home reports. How will this transform the Scottish market? Certainly limited houses will come to the market, so buyers will face less of a choice that may push prices a lot higher as buyers scramble for a few good quality properties some Glasgow Estate Agents are on edge about 2011. In Wales different areas say drops of up to 5.5% in the last 12 months. Overall prices increased by 0.2% but November 2010 saw a price reduction of 1.35%. Swansea saw the largest reduction of 5.5% and Newport fell by 4.5%. However, Llanelli was a substantial rise of nearly 8%.

Estate agents in Wales were certainly more confident of a great 2011? Over the water in Northern Ireland prices have dropped by an average of 16% and the average price has now fallen to below ?150,000 for the first time in nearly 5 years. The amount of property sold was down by 25%. A lack of confidence in the market means fewer buyers are coming to the market, leading to sellers dropping their prices. More bad news is that RICS and Ulster Bank expect prices to drop for the next 3 months. Public sector jobs loses are also causing alarm. However, the major issue with the UK housing market is the lack of liquidity in the mortgage market. To say banks have reduced the availability of mortgages would be pitting it mildly. Since July 2007 when bank competed against each other for business, 2010 was ration year. First time buyers have been especially hard hit and with the banks due to start to pay the Government back in April 2011 for monies given to them in the bailing out process, 2011 could be worse. Budget cuts, retail prices rises and of course the VAT rise may also curb confidence in the market.

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