Posted on July 23, 2008 by lushhomeonline
UK house prices dropped this month from a year earlier for the first time since Rightmove plc started measuring them in 2002, as the squeeze on lending pushed up the number of unsold properties to a record.
The average asking price for a home fell an annual 2 per cent to £235,219 (S$634,000), Britain’s most-used property website said in a statement yesterday. On the month, prices declined 1.8 per cent, the biggest drop since December. Prices increased in London by 0.3 per cent from last month.
House prices will fall about 10 per cent this year and 6 per cent in 2009, the Ernst & Young ITEM Club, a forecasting group which uses the same model as the Treasury, said yesterday.
Britons, laden with a record £1.4 trillion of debt, are struggling to afford homes as banks curb lending and credit costs increase.
‘Banks need to be careful they do not get blamed for a second crash in 20 years’ by limiting loans, Miles Shipside, commercial director of Rightmove, said in the statement. ‘The ‘doom and gloom’ attitude should be about the drastically low levels of sales, which affect the wider economy.’
House prices may fall further by as much as 30 per cent and unemployment will increase as the UK slips into a recession, Bank of England policymaker David Blanchflower said in an interview published in The Guardian yesterday. The economy may already be contracting, the newspaper cited him as saying.
The pound fell against the US dollar after Rightmove’s report and Mr Blanchflower’s comments.
The stock of unsold property per real estate agent rose for a sixth month to 77, the highest ever measured by Rightmove, from 74 last month. Prices for properties in the West Midlands fell the most on the month, declining 3.7 per cent. London was the only region to show an increase in prices, the report showed.
Property sales dropped to the lowest in at least 30 years, the Royal Institution of Chartered Surveyors (RICS) said last Tuesday.
The ITEM Club forecast yesterday that housing transactions would drop 35 per cent this year.
Demand for commercial property dropped in the second quarter to the lowest in at least a decade, RICS said yesterday. Fifty per cent more surveyors reported a drop in demand than those reporting an increase, the report showed.
Mortgage approvals fell to their lowest level in at least nine years in May, the Bank of England said on June 30. Banks are curbing lending following the collapse of the US sub-prime mortgage market, which so far has cost financial institutions worldwide US$423 billion in losses and writedowns.
HBOS plc, the UK’s biggest mortgage lender, said last week that house prices, which tripled in the past decade, dropped last month from a year earlier by the most since 1992. Bank of England policymaker Andrew Sentance said in an interview last week that there is ‘clearly a risk’ that house prices will fall further.
Consumer price increases and the worst housing market slump since the last recession have eroded living standards and helped push the support for Prime Minister Gordon Brown’s ruling Labour Party close to the lowest level since World War II.
The Bank of England’s Monetary Policy Committee has kept the benchmark interest rate unchanged at 5 per cent for the past three months as it tries to curb consumer spending, while keeping the economy from falling into a recession. Inflation accelerated to 3.8 per cent last month, the fastest pace in 11 years.
The economy will grow 1.5 per cent this year and then one per cent in 2009, the weakest pace since 1992, the ITEM Club said in a statement yesterday. The group predicted that slowing expansion will allow the Bank of England to cut the benchmark interest rate to 4 per cent by the end of 2009. - Bloomberg
Source : Business Times - 22 Jul 2008
Subscribe to:
Post Comments (Atom)
Blog Archive
-
▼
2008
(752)
-
▼
July
(231)
- 吉宝置业下半年 有望推出777单位公寓
- 財報-購併支出拖累 SAP第2季獲利降9% 仍優於預期
- 軌道房開始“繳械” 滬上樓市盤整加劇
- 上海今年第一塊住宅地底價成交
- 上海新房成交價跌至每平方米11717元
- Less cash upfront but …
- HDB resale market buoyant but upgrader effect stil...
- Record 13,400 homes to be completed next year
- Older landed homes now within reach
- 謝國忠》危機再現
- 債券大王Gross再唱衰美國經濟 預測房市崩潰將損失1兆美元
- 債券大王Gross再唱衰美國經濟 預測房市崩潰將損失1兆美元
- 分析師:原油熊市氣氛仍濃 未來一週最低下探117美元
- 金融管理局局长:通胀率已达顶峰
- Slow demand for office space hits rents
- 金融管理局將2008年通 膨目標由原估的5-6%調高到6-7%
- 美國眾議院表決通過住房市場相關法案
- 上海二手房市場:7月盛夏似寒冬觀望成主流
- 題材多多地產股全線跑贏大市
- 布朗:英國擬明年上半年撤回大半駐伊拉克軍隊
- 力抗通膨 巴西央行施鐵腕 一舉升息3碼至13%
- 健檢 人生最重要的1項投資
- 布局金融股「錯殺行情」
- 樓市拉警報 香港房地產經紀人事大凍結 或掀裁員潮
- 雷曼兄弟報告預計中國房價還會進一步下跌
- Singapore is 13th most expensive city
- Thousands throng showflats at Park Central@AMK
- PropNex to fire non-performing agents this week
- PropNex to fire non-performing agents this week
- 武吉知马一地段再集体求售 价格比去年低四成
- 等待购屋 宏茂桥私人组屋 3000人参观示范单位 首两小时130人登记抽签选购
- 连续三个月维持在26年来最高水平 6月通胀率仍居高不下
- 紐約匯市─美財長Paulson發表演說 美元匯價創兩周最大升幅
- 鮑爾森:美國房屋市場可能很快反轉
- UK home prices fall for first time since 2002
- Govt to delay additional S$1.7b worth of public se...
- 上海首批160萬平方米經濟適用房三季度將全面開工
- 萬科帶頭降價“上海房價聯盟”瓦解
- 与次贷危机共存 胡舒立
- Condo sales in S’pore hit by bad news from US
- Johor’s Horizon Hills attracts foreign buyers
- 上海推“頂級”住宅用地 樓板價格達到2.2萬元/平方米。
- 海峡时报指数(STI) 080721
- 花旗:美英房價還要跌兩年
- Park Central development: Condo-like flats for les...
- UE’s Park Central @ AMK to sell for $490-500 psf
- A-Reit: Q1 distributable income of $52m
- Big property stand-off
- 宏茂桥私人组屋下周发售 平均每平方英尺500元
- 用清雅白色裝修夏日家居
- Landmark en bloc ruling
- The Wharf Residence
- Morning Market Report 080718
- 滬高檔公寓租金收益不如存款 來源:《東方早報》
- 重新装潢月租3000元 老式三房组屋摇身变租屋
- 花拉阁地段 将发展为中高档私宅
- 嘉德和旅店置业:宁愿持守 豪宅不会削价求售
- 仲量联行: 如果次贷风暴持续 豪华房产转售价可能跌一成
- JLL predicts up to 4.5% dip in typical prime distr...
- KL property: On the home front
- New face in Farrer
- 上海將研究制訂稅費支持政策鼓勵居民租房
- 統計數據顯示:滬寧兩地出現房價回落態勢
- 分析〉歐元區出現衰退跡象 不受美國經濟影響?太天真了!
- 以舊翻新更划算 二手房翻新木地板可以更省錢
- 美元/日元:美國民主黨討論戰略石油儲備
- Jones Lang LaSalle says S’pore’s prime property ma...
- CapitaLand to build 1,500 high-end homes on site o...
- Malaysian real estate sector may face rocky road a...
- CapitaMall Trust to distribute 3.52 cents per unit...
- 廣州6月一手住宅均價為每平米9,569元環比跌9.1%
- Forced sales loom over UK real estate scene
- 回歸多頭時機 最快落在第四季 三大名師會診台股後勢
- 雷曼:中國全年CPI預期從6.5%上調至7.2%
- 廣州首付促銷重現樓市 業界:下半年資金壓力更大
- 歐美閒置房經驗:空置一年以上陌生人就可以住
- The IR effect on housing demand
- 美以对垒伊朗:奥运外的危机?
- 李兆基:港股9月可转守为攻
- 晚晴园附近酒店地三方出手标价偏低
- ‘Realistic’ prices drive home sales
- 布什撤销美国海域勘探石油禁令
- Private home market stirs to life again
- 地铁滨海市区线第二阶段新站揭晓 地铁线穿过私宅区 武吉知马房价料升
- 地铁环线第三阶段 可在明年中通车
- 第二阶段将于2015年完工 滨海市区线12地铁站位置揭晓
- 陈惠华:政府应该大幅调整 鼓励结婚生育措施
- 丹那美拉地铁站对面 私宅地段招标
- Up 77%: New private home sales
- LTA unveils locations of DTL stage 2 stations
- Singapore home sales in June up 80% from May
- Choice Tanah Merah site for sale
- 1970年代危機似重演 索羅斯:這是一生中最嚴重的金融危機
- Condo sales at showflats tapering off
- 兵分三路白宮全力營救房貸兩巨頭
- 美股盤後─IndyMac銀行倒閉抵銷政府紓困 道瓊下跌45點
- 南艺去年毕业生 比前年更快找到工作
- 大众私宅楼盘 销售表现参差不齐
- 别当‘老’爸 人老机器坏 精子多缺陷 男人超过35岁 伴侣流产风险大
- 按图索骥
-
▼
July
(231)
No comments:
Post a Comment