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UK property market ‘continues slump’

The number of house sales fell by 11,000 last year and continued a three-year slump, according to UK property transaction figures.

House sales dropped to one of the lowest totals recorded, the statistics released by HM Revenue and Customs show, with just 869,000 homes sold last year compared to 880,000 in 2010.

The slowdown in the housing market in recent years was most evident in 2009, when only 848,000 houses were sold. This is about half the number of transactions recorded in a year before the financial crisis began.

The Bank of England recently said it believes lenders will tighten their credit criteria in 2012 and so it will be harder for borrowers to get a mortgage, heightening concerns sales could hit another record low this year.

The first-time buyer sector of the industry has made a slight recovery in recent months after dropping to a three-year low last autumn. However, the recovery may prove temporary with the stamp duty holiday

UK property data ‘bodes well for 2012′

Increased interest in UK property seen during December suggests a good year ahead, according to an estate agents group.

The average number of house buyers registered per estate agent was recorded as 294 for the month, up by 32 on November’s tally.

However, the National Association of Estate Agents admitted that the increased interest did not turn into increased sales.

The proportion of registrations for first-time buyers was up to 21%, although this was on the back of a three-year low recorded in the autumn. The same period last year recorded first-time buyers comprising 25% of the housing market.

Average sales per branch in December fell to five, from six the previous month.

The association’s Mike Poole said: “Many members were kept busy right up to the Christmas break which bodes well for 2012.

“Sales were being agreed and a limited number of viewings were still booked in right up until the festivities began.”

Copyright Press Association 2012

UK property prices ‘edge lower’

UK property prices fell by an average of 0.9% last month, new research shows.

Along with this monthly decline, Halifax said house prices dropped by 1.3% over the course of last year as a whole.

By the end of 2011, house prices stood at a level of 160,063, the study revealed.

As long as the UK can hold off the threat of another recession, the lender said it is hopeful that a similar performance will be seen in the housing market in 2012.

Commenting on the data, Martin Ellis, housing economist at the firm, said events in the eurozone could have a large impact on the UK’s national prospects.

He said: “In addition, the extent to which households choose to reduce their debts will also affect growth. As a result, the outlook for house prices is also uncertain.”

Mr Ellis added: “Whilst there was a modest fall overall in prices during 2011 with an annual decline of 1.3% in December, house

US property market boost for landlords

Average house prices in America have fallen by 46% over the last three years, according to research.

Meanwhile, a 60% surge in rental rates has ensured that the country is perfectly geared for buy-to-let investors to make a great return.

American real estate firm Foreclosure Deals revealed the information in a new infographic, which highlights Nebraska as a good place for property investors.

Houses in the area can be bought for less than 7,000, while rent charges increased from an average of 2 three years ago to ,800 this year.

In New York properties remain expensive to buy but with median rents rising from 3 three years ago to ,400 this year, those who made a property investment in the area before the financial crisis could be feeling the benefits now.

Foreclosure Deals predicts that the gap between low prices and increasing rents will continue to widen by another 4.5% at the end of the year

New guidance for EU property buyers

New guidance is set to be made available to overseas property buyers by an MEP from the UK’s Liberal Democrat Party.

European Property Rights and Wrongs is a new guide compiled by Diana Wallis which aims to support expats who are involved in property sales across EU borders.

The booklet recommends that cross-border electronic conveyancing systems should be developed further in order to let property buyers employ the services of professionals from their own country.

According to the publication, the purchase of property is something which should be protected by the EU.

Commenting on this issue, Ms Wallis stated: “The EU offers consumer protection for someone purchasing books, a piece of furniture or a hairdryer, and yet it has been reluctant to act to protect consumers when they make the most important purchase of their life.”

Copyright Press Association 2011

French property ‘has bright future’

The market for French property can provide an “extremely healthy mid to long-term future”, an expert has said.

The best way to make sure property investment in the country works out well is to have a “sensible view on pricing” and be cautious in the near-term, Trevor Leggett said.

The expert, of Leggett Immobilier, said French property agents and owners must be “realistic” in their valuations and what they expect of purchases or sales.

He said if people adopt that recipe for success overseas property in France will stay among the most appealing on the continent. He added that in “troubled times” property investors and owners seek so-called safe havens “and they simply don’t come more secure or enjoyable than France”.

Copyright Press Association 2011