Concern expressed over property market

Analysts have expressed concern over the state of the UK property market as new data indicates it may be slowing down again.

Bank of England data for June showed that the number of house purchases fell from May’s tally, dropping from 49,461 to 47,643 and also down on the six-month average of 50,036.

Net lending secured on dwellings rose by 0.7 billion, compared with the previous month’s 0.8 billion increase and the six-monthly average rise of 1 billion.

Commenting on these findings, Council of Mortage Lenders chief economist Paul Samter noted the market had seen its first downturn since April 2009, adding: “It is likely to remain so in future months as comparison is made with a rather stronger market towards the end of last year.”

House prices have also been falling and the latest Nationwide figures showed a 0.5 per cent drop this month.

This figure that prompted Royal Institution of Chartered Surveyors chief economist Simon Rubinsohn to remark that it

Property sector ‘could lose construction workers’

Predictions that as many as 68,000 construction workers could lose their jobs because of government cutbacks are “certainly realistic”, an expert has said.

Director of external affairs at the Federation of Master Builders Brian Berry suggested that such a situation could have a major impact on the UK property sector as fewer new homes would be built.

The recession of the early 1990s had a similar effect and the loss of a skilled workforce led to such vacancies being filled by eastern Europeans a few years later, he stated.

Mr Berry argued the government should help to prevent this by giving help to building firms to take on apprentices.

He noted: “It is difficult in the current market for an employer to take on apprentices given job security and falling demand for construction.”

Investors in rental property may find a lack of new homes supply caused by falling construction output increases demand for rental property.

The prediction of 68,000 job losses

Supermodel home goes up for sale

Christie Brinkley fans could live like their favourite celebrity for just 15.75 million dollars (10.2 million).

The model is selling off one of her properties on the eastern end of New York’s Long Island.

The house in Sag Harbour is set in four and a half acres and has five bedrooms.

According to records, Brinkley bought the house in 2004 for 7.15 million dollars (4.6 million).

She also owns other properties in the area.

Brinkley told the

Wall Street Journal she’s “decided to let someone else have this beautiful, charming home”.

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Florida tipped for US property success

Florida has been tipped as a likely success story in the US property market over the next few years.

Analysing the state of the sector in the US, director at property portal Nubricks.com Adrian Samuel said the situation is highly varied, with some areas seeing very little activity but Florida having plenty of potential buyers looking for deals and “actually sales happening”.

He concluded: “Florida is the one to watch, but the broader market of the US is still going to take a long time to recover.”

Mr Samuel was commenting after figures produced this week by the US Census Bureau and the Department of Housing and Urban Development said that there was a 23.6 per cent month-on-month rise in house sales in June, a development he called “an anomaly”.

A survey for the Worldwide Property Group revealed earlier this month that 62 per cent think now is a good time to buy a foreign property and Florida was one of