Find a Property - Cash Buyers: Who Are They? Aside from pensioners trading down, the other significant sector with cash buyers is the second homes' market. 35 per cent of second homes (including investment properties) are bought for cash compared with 15 per cent in the wider housing market.
Telegraph | News | New mortgages fall by 40pc in a year The number of people taking out a mortgage to buy a new home has fallen by almost 40 per cent over the past year, a downward trend that could cause a sharp fall in house prices if it continues, according to leading economists.
ThisisMoney - House prices continue to slow UK house prices continued to slow in November, with prices rising just 1% from October and 15% from a year earlier, according to Nationwide, the UK's largest building society.
Telegraph: House prices set to 'level, not crash'"Mortgage approvals have fallen to their lowest level for almost five years, but economists believe that the property market is levelling out rather than heading for a crash."
Times: House prices set for 20% fall"A senior executive with a leading property website today predicted a fall in house prices of up to one-fifth their present value."
Guardian: Property crash unlikely, say analysts"Fears of a housing market crash were calming today after figures from the Bank of England showed an easing rather than a full-scale drop in activity. "
Reuters: Mortgage approvals plunge"The number of approvals for mortgages tumbled in October to their lowest in nearly five years, official data has shown, the latest data to point to a rapid slowing in the property market."
Times: Labour accused of hiding numbers on national debt"BRITAIN'S national debt has risen to an alarming 85 per cent of national income under Gordon Brown, rather than falling as he has claimed, the Opposition calculates ahead of this week's Pre-Budget Report."
Guardian: The pessimists have got it wrong"If you follow the UK economy closely for any period of time, one thing becomes clear. Whenever things are going reasonably well, a competition starts up between commentators to see who can become the most pessimistic about future prospects."
This is Money - Houses I built are defective HUNDREDS of homes built by Wilson Connolly, part of the giant Taylor Woodrow group, are structurally defective, it has been claimed. The owners know nothing of any problems, but it is claimed they are living in houses that, if properly examined, would fail to meet construction quality guidelines.
Telegraph | Money | Economic agenda: A last hurrah for the Chancellor When he delivers the Pre-Budget Report on Thursday, Gordon Brown will surely give another one of his bravura performances. We have by now got used to the unique mixture of four ingredients: the gloating about Britain's economic performance, the frantic meddling and tweaking designed to bring about improvements in it, the injunctions about fairness and enterprise for all, and the assurances that all of this is underpinned by the cast-iron security afforded by the chancellor's own fiscal rules.
The Observer: Will the house price bubble burst the banks?"The deputy governor of the Bank of England, economists from Deutsche Bank and Barclays, and research company Hometrack were all queuing up last week to predict that house prices would fall - with 20 per cent providing a rough rule-of-thumb measure of the overvaluation. "
Guardian: British economy slows sharply"Britain's economy slowed sharply in the three months to September as the manufacturing sector weakened and businesses reined in spending, official figures showed today."
Times Online: Bank's economist predicts more woe from the dollar"The warning from Charlie Bean - that the dollar may endure a further, sharp depreciation if the vast US current account deficit is to be wiped out - came as the dollar succumbed to another assault in the currency markets. "
Times: Figures deal heavy blow to Brown's pre-election strategy"With yesterday's other figures showing little trace of industrial recovery, the evidence that the housing slump is gathering pace raised anxieties over what is to fuel future economic growth if falling house prices now hit consumer demand. "
Telegraph | Money | Housing market 'to fall by 20pc' Roger Bootle, a leading City economist, yesterday warned that "the world economy is poised on a knife-edge" because the over-inflated internet bubble has simply transferred to the world's housing markets.
FT.com: Heat on Brown as data show economy faltering"Concerns that the UK recovery was fading emerged on Thursday after figures showed falling mortgage lending, disappointing business investment and a downbeat view of the economy from the CBI, the employers' organisation. "
Guardian: Weak market fuels mortgage competition"Homeowners are taking advantage of the slowing property market to negotiate better deals with lenders as competition in the mortgage market intensifies, the British Bankers' Association said today. "
ShareCast: Mortgage approvals down again"Mortgage approvals fell 35% in October adding further evidence to reports that the housing market is cooling rapidly. "
CBI Press Release: CBI CUTS ECONOMIC GROWTH FORECAST AS COST PRESSURES MOUNT"The CBI today (Thursday) scaled back its forecast for economic growth next year, saying the combination of high oil and commodity prices, slowing global growth and the recent rises in UK interest rates would hit demand at home and abroad causing growth to slow in 2005 before recovering modestly in 2006. "
Interactive Investor: UK 2005 GDP to grow by 2.5 pct - CBI"Chancellor of the Exchequer Gordon Brown will have to cut his growth projections for the UK economy as high oil prices and lower global growth take their toll, a leading business lobby group said today."
BBC NEWS: Economy 'stronger than forecast'"The UK economy probably grew at a faster rate in the third quarter than the 0.4% reported, according to Bank of England deputy governor Rachel Lomax. "
ThisisiMoney: Price warning for landlords"LANDLORDS have been sent a stark warning that they could lose thousands of pounds if they try to take advantage of falling property prices. The Financial Services Authority*, which regulates mortgages but not buy-to-let, has told investors that house price falls, and even small increases, could mean landlords will end up out of pocket. "
Thisismoney: Bank chief warns on house prices"BANK of England Deputy Governor Rachel Lomax warned of a looming fall in house prices. She said the property market was facing a 'significant slowdown'. "
Independent: Overview: Landlords are winning as buyers flee the field"One thing is clear: all the house pricing arrows are pointing in one direction - downwards. A recent survey by the Royal Institution of Chartered Surveyors found that 41 per cent of its members were reporting a fall - the highest number since December 1992."
Guardian: Deutsche Bank adds to property gloom"House prices will fall by around 10% to 15% over the next year and will then flatline for several years, according to a report published by Deutsche Bank today."
Council of Mortgage Lenders: First-time buyers numbers falling most sharply in the UK, new international research shows"The proportion of first-time buyers in the UK has fallen more rapidly than in any other country surveyed, according to CML research comparing international trends in housing tenure and mortgage finance. The research, published today, shows that despite falling interest rates and mortgage costs, a decade of rising house prices has seen the proportion of first-time buyers in the UK fall more sharply than in the rest of Europe, the USA and Australia."
ThisisLondon: Savills warns of property slowdown" LEADING estate agent has warned that house prices will rise by their slowest pace for nine years in 2005 as the formerly buoyant property market becomes 'less sexy'. "
Times: Housing foundations remain rock solid"HOUSE prices have stalled, giving rise to speculation in the media that a property crash is around the corner. Adopting a similar line, the Bank of England has predicted that, although prices could fall 'modestly' for a period, the outlook was 'extremely uncertain'. "
Sky News: TOUGH TIMES FOR HOMES"The housing market is looking bleak. Sellers are bing warned that prices are falling and they must expect a 'painful' spell before the market finds a level at which buyers will move in again."
Find a Property: Lenders At Odds On Market"Barclays bank predict price falls next year, but the Nationwide is more bullish about the prospects for the housing market...
thisisgrimsby: HOUSING BOOM PRICING PEOPLE OUT OF MARKET" is the second-highest rise nationally for urban house prices and is not perceived as a good thing by politicians. Grimsby MP Austin Mitchell and Cleethorpes Conservative candidate Rachael Lake spoke about problems facing first-time buyers on television yesterday."
Guardian: Home sellers warned of 'painful' spell"The housing market is set for an 'ugly' couple of months as it hits a bout of turbulence before making a soft landing, it was predicted today. "
Western Daily Press: WEST HOME PRICES WILL FALL £12,000 A YEAR"West homeowners are facing a dramatic fall in property prices that could see the average house drop £12,000 in value by next year, a leading bank warned yesterday. Barclays, the UK's fifth largest mortgage lender, predicts property prices will plunge by the same amount in 2006 and 2007, a total drop of 20 per cent in three years. The slump will put a sharp brake on consumer confidence and affect spending."
Times: Pound's strength could be its weakness"Amid all the talk of a weakening dollar, the impact on the pound has been overlooked. The key questions have been how far the dollar will slide against the euro and the yen, and how quickly the Chinese will unpeg the yuan (which has the makings of a fourth rhino) from the dollar. "
Times Newspaper:"HOMEOWNERS suffered another bad month in November as house prices fell by an average of 1.7 per cent , according to Rightmove, the property website. "
This is Monkey: House prices take a fall ASKING prices for British homes fell 1.7% in the month to mid-November cutting the annual rise in property prices to its lowest since February, according property website Rightmove.
this is exeter - ESTATE AGENTS SHUT FOR GOOD An Exeter estate agents which had been due to open a new branch in Crediton on Monday has closed after less than a year in business.
Sky News: NEW HOUSE PRICE WARNING"House prices could fall by 20% over the next three years and halt the UK's consumer spending boom, Barclays has warned. "
The Observer: Dividend-driven markets defy downturn"House prices now look all but certain to fall; companies as diverse as Dixons, French Connection and Northern Foods are warning that business is getting ever tougher; here, economic experts are convinced that the Chancellor will break his 'golden rule' of not borrowing to finance public spending; across the Atlantic, both government and personal borrowing have reached dizzying records, helping to push the dollar ever lower. "
Sunday Times: Slow growth ‘to hit City jobs’"THE revival in City jobs is set to fade under the impact of slower growth in the world economy, according to new, detailed projections to be published this week. "
Times Online - Sunday Times BARCLAYS Bank will this week become the first big mortgage lender to warn homeowners that property prices could fall sharply over the next two years — by as much as 20%.
Telegraph | Money | Estate agents on skid row The estate agency market is as a bad as it has been at any point in the past thirty years and 1,000 agents could go out of business. Grant Ringshaw explains why.
Citywire: Countrywide warning increases tension"Countrywide provides more evidence of the cooling impact of higher interest rates on the housing market as it tumbles 7% on a profits alert."
Economist: The shocks of 2005 Two big risks threaten economies around the world in 2005: a new surge in oil prices and a higher-than-expected rise in interest rates. The shock would be nastier for some than others. Here’s where the pain might hit.
Guardian Unlimited Money: Study shows house price falls continue"Another day, another house price discussion. Yesterday, Nationwide said prices would increase by 5% next year, while today a property research company reported a fall in house prices for a fifth month in a row and said further declines were 'inevitable'."
Reuters: UK's Countrywide shares plunge on profit warning"Shares in Countrywide Plc CWD.L plunged 11 percent on Friday as the British property services firm issued its third profit warning in 100 days, citing buyers' uncertainty over interest rate hikes and house price falls."
Sky News: HOME PRICES BOOM 'OVER'"A property research company has reported a fall in house prices for the fifth month in a row and said further declines were 'inevitable'."
ThisisMoney: Alert shocks property market"CONFIDENCE in the housing market suffering two major blows today. The first came from Britain's biggest chain of estate agents, which issued a devastating profits warning after its house sales slumped by a third last month. "
BBC NEWS: Average house price tops £100,000"All regions of Scotland now have an average residential property price in excess of £100,000 for the first time, according to latest figures"
Reuters: UK house prices down for fifth month"Asking house prices in England and Wales fell for a fifth straight month in November, down 0.6 percent, research company Hometrack said on Friday, further evidence that Britain's housing boom is over."
ThisisMoney: House price fears for builders"FALLING house prices and spiralling construction costs will see housebuilders blown off target to build hundreds of thousands of extra new homes in the South-East."
Find a Property: First-timers On The Rise"First-time buyers accounted for 32 per cent of loans for house purchase in October, the highest proportion since April 2003, says the Council of Mortgage Lenders..."
Guardian: Rate rises 'slow mortgage lending'"Interest rate increases in the past year have succeeded in putting the brakes on the property market, figures published today suggest."
Reuters: Housing crash seen unlikely"The housing market should avert a crash and prices will most likely stabilise or fall moderately from current levels over the next year, according to a Reuters poll of 21 economists."
Times Newspaper: Unemployment up for first time in 18 months "THE rate of unemployment has passed its lowest point and is on the rise, claimant count figures suggested yesterday. The Office for National Statistics (ONS) also showed yesterday that wage inflation was waning, fuelling speculation that interest rates might have peaked."
Guardian: Jobless rise may keep rate pegged"The number of people out of work and claiming benefit rose for the first time in 15 months in October as Britain's long downward trend in unemployment came to a stuttering halt, official figures showed yesterday. "
Times Business - Kodak sheds 500 more British jobs KODAK announced the closure of five laboratories at a cost of 500 jobs last night — the second time the camera maker has cut staff in the UK this year.
The Herald: UK dole claims jump in October A surprise rise in UK claimant count unemployment in October sparked concerns yesterday that the job-creation engine that has been helping to sustain house prices and economic growth could be running out of steam.
Scotsman.com: Industry Still Fears for Jobs Despite Record Low"Both sides of industry tonight voiced concern about the growing number of people who have stopped looking for work, which marred new figures showing that unemployment had fallen to a record low."
expressandstar.com: MP fears slump in house prices"Lichfield MP Michael Fabricant fears that many people in the city could be facing the nightmare of negative equity - despite its continuing boom in house prices. "
in2perspective: MPC unanimous in rate freeze "The Monetary Policy Committee (MPC) today said that its decision on interest rates a fortnight ago had the full support of its members for a seventh month in a row."
themovechannel: First-time buyer age set to fall"Despite increasing student debt, low earnings and having to scrape together a large deposit, Britons in their twenties are the most buoyant about buying a property within the next two years reveals Alliance & Leicester Mortgage's movingimproving index."
ThisisMoney: High Street fears on house prices"WITH JUST five shopping weekends to Christmas, festive jitters are jangling Britain's army of retailers. What makes this year even more nerveracking than usual is that the most critical trading period is coinciding with the start of a slide in house prices. "
Thisismoney: High Street fears on house prices"WITH JUST five shopping weekends to Christmas, festive jitters are jangling Britain's army of retailers. What makes this year even more nerveracking than usual is that the most critical trading period is coinciding with the start of a slide in house prices. "
Thisismoney: High Street fears on house prices"WITH JUST five shopping weekends to Christmas, festive jitters are jangling Britain's army of retailers. What makes this year even more nerveracking than usual is that the most critical trading period is coinciding with the start of a slide in house prices. "
Times Newspaper: Rates may stay on hold despite high petrol price "THE highest petrol prices for four years and rising household energy costs helped to push inflation up a notch in October, but analysts said that interest rates were still likely to stay on hold into next year"
ThisisMoney: Home front survival "CONFIDENCE in the housing market is plummeting. Surveys show prices falling for the first time in three years, while homes are taking longer to sell. The gloomiest prediction is that values could plunge by 30%."
Telegraph: It's too soon to clamour for the Bank to lower rates "So that's it then. A gentle slowdown in the property market is on the cards, and we can look forward to a nice relaxing break in the interest rate cycle. The next move is likely to be downward. But not yet."
Guardian: Oil rise saves King the cost of a stamp"The rise in the cost of petrol prevented inflation falling below 1% last month, saving the governor of the Bank of England, Mervyn King, from having to write an explanatory letter to the chancellor."
FT Adviser: 'Jittery outlook over housing blamed for confidence slump'"Investor confidence in the UK has slumped over falling oil prices and a 'jittery' outlook for housing, according to JPMF. This is despite signs that the Bank of England may not announce a further rise in interest rates before 2005."
IFAonline: A tale of tough markets - home tax hike and falling prices threats"Participants in the housing market have been hit with a double blow today with calls from charity Shelter to double council tax rates on second homes,while figures from the Royal Institute of Chartered Surveyors suggest sales are down to 1992 levels."
Reuters: Inflation rises as utility charges soar"Annual inflation rate edged higher in October as record oil prices caused gas, electricity and other household bills to climb at their fastest rate in at least seven years, official data has showed."
Yorkshire Post: Sharp rise as more people declare themselves bankrupt "This shift in attitudes probably explains the dramatic increase in the numbers of people declaring themselves bankrupt.
Across Yorkshire, the number of people petitioning for their own bankruptcy has increased by 27.1 per cent year-on-year."
RICS housing market survey October 2004"House prices continue to fall nationwide, reports an RICS (Royal Institution of Chartered Surveyors) survey of the UK housing market, published today (Tuesday 16th November)."
Guardian: Rics adds to house price dejection: "The house price gloom shows no sign of abating, with new research published today showing the number of chartered surveyors reporting price falls at a 12-year high. "
Times Online - House prices fall fastest since 1992 Scared off by rising interest rates, first-time buyers have delayed joining the market. HOUSE prices are falling at their fastest rate for 12 years as buyers hold back, a leading survey indicates today.
Telegraph: Investors dip their toes back into equities "There are signs that private investors are venturing back into the stock market after a long period of flat demand. Daily trading volumes have risen by more than 15 per cent since late September, according to figures to be released this week by ComPeer, the financial analyst."
Times: Bad news gets worse for gloomy retailers "SHOPKEEPERS are being squeezed by rising costs and falling prices, making retail the most likely stock market sector to issue negative announcements. Research by KPMG, the accountant, shows that in the third quarter the amount of bad news from retailers rose 88 per cent compared with a year earlier. "
Guardian: House price scaremongerers' numbers simply don't add up"The Bank of England last week reiterated its warning about house price falls. Scary numbers, such as falls of 20 or even 30%, are being touted by some as necessary to 'bring the market back into balance'. Enough to frighten any recent or prospective house buyer. "
Times:The Market: "Alex Bannister, chief economist of the Nationwide building society, says that although most areas, including the north, will avoid big price falls, there will be many fewer homes sold. He says the ratio of house prices to household income looks "very stretched" in the north. 'Those regions that have seen prices rising fastest will also see the sharpest slowdown.'"
CityWire: Graduates need leg-up to get on property ladder "First time buyers generally have a tough time affording their first property but even graduates, usually considered a prime lending risk, are experiencing difficulties."
The Observer: Seasonal fears hit high street "Sales plunged in London's shops last month, triggering fresh fears of a consumer slowdown and setting retailers' nerves jangling ahead of what many say will be a difficult Christmas"
Telegraph: Don't count on a boost from cheaper oil: "Not long ago the world economy was apparently threatened by the adverse effects of higher oil prices. Some commentators talked of the danger of recession, or even stagflation."
Sunday Times: Don't panic: the housing market won't crash"For a man whose declared aim is to make the Bank of England's deliberations boring, Mervyn King has a strange way of going about it.
The Bank governor, who succeeded Lord "Eddie" George last year after serving as his deputy, does not go about his business lightly. "
Times Online - Experts predict one more hike in rates THE Bank of England may not have finished raising interest rates despite its “dovish” inflation report last week and its prediction of falling house prices, analysts say. Most believe the monetary policy committee may raise rates once more next year, writes David Smith.
Times Online - Retailers face end of easy street NO INDUSTRY has been so consistently popular among discerning private investors than retailing, all the way from Tesco to Next, via Dixons. You can run a continuous check on the business: what shops look like, whether goods are attractive and well-priced, how many people are buying. Over the years, this natural preference has proved wise.
Belfast Telegraph: Estates 'could plunge into debt'"Residents in Ballymena housing estates could be plunged into debt by spiralling household oil prices if they are forced to use oil in a bid to prevent air pollution caused by coal burning, it has been warned."
Times: A step too far for new buyers "House prices may be falling, but worried lenders are now putting the squeeze on cash-strapped aspiring homeowners, says Grainne Gilmore"
Mirror Money: Weak exports hit manufacturing "Manufacturers saw subdued output growth across the UK in the three months to October as exports were hit by weak international demand, according to a new report. "
ThisisMoney: Free Merc with every new home "FALLING house prices have forced developers to offer a range of sweeteners to potential buyers. Clients who buy £350,000 properties from one company can drive away a £33,000 Mercedes."
Guardian: Money worries delay fatherhood, says survey "Financial fears are among the factors forcing men to delay fatherhood and reduce the number of children they believe they can afford to raise, a survey by Virgin Money Life Insurance says."
in2perspective - Buyers are returning, say estate agents The average UK house value fell 1.6% over the last month, recording its fifth consecutive monthly fall, according to figures from the National Association of Estate Agents
ThisisLondon: Watchdog to cut credit card fees "BANKS are fleecing shoppers of £1bn a year through 'illegal' handling fees on credit card transactions. The Office of Fair Trading has ruled that the fees imposed on retailers every time they put a credit card through the till are unfair and too high."
Citywire: Beware: inheritance tax is no longer only for the wealthy"Inheritance tax is amongst the most disliked of all taxes, yet a survey from Barclays shows that almost three quarters of those questioned were unable to identify the level at which the tax begins to bite."
Reuters: Brown says house prices moderating: "The once-booming housing market is moderating, Chancellor Gordon Brown says. 'House prices are moderating and there is an adjustment in house prices taking place,' Brown told parliament on Thursday."
WHAT MORTGAGE: Largest ever drop in housing market confidence"Consumers' confidence in the housing market has taken a battering says the Woolwich. Its latest consumer confidence index showed a drop of 7 per cent in October, its lowest level for four years."
Scotsman.com: City housing market 'slowing down after prices fall'"A survey by Lloyds TSB has found house prices fell by 1.6 per cent in Edinburgh in the last quarter up to the end of October. But experts today insisted annual house prices across the city would continue to rise and that the Lloyds findings had come at a traditionally quiet time of the year for the market."
Guardian: House prices 'continue to drop'"The price of property fell again last month, estate agents announced today. The figures came a day after a warning from the Bank of England that prices might fall further."
Sky News: PROPERTY PRICES SLIDE : "Property prices fell again last month. That makes it the fifth consecutive monthly fall, according to the National Association of Estate Agents."
ThisisLondon: House prices 'fall again' Property prices fell again last month, but the number of buyers increased slightly as househunters tested the market for bargains, UK estate agents said today.
Guardian: Bank of England says house prices may fall"The Bank of England yesterday issued its first explicit warning that house prices would fall as it signalled to the City that the weakening of the economy in recent months meant interest rates had peaked."
Guardian: The price of the next generation £50,000!!"Would-be parents, look away now: the cost of raising a child from birth to the age of 17 in Britain is now nudging £50,000. A survey published today finds parents spend an average of £2,916 a year on their daughters, with sons coming slightly cheaper at £2,790."
Telegraph | Money | Bank predicts fall in property prices House prices "may fall modestly for a period", said the Bank of England for the first time yesterday. The Bank has taken the unprecedented step of incorporating falling house prices as part of its benchmark scenario for how the UK economy will progress.
BoE Inflation Report: November 2004 "The Inflation Report can be viewed as a complete PDF file or in sections. Click on the appropriate heading to access the file."
DevonNews: HOUSE PRICES WILL FALL, WARN SURVEYORS "House prices in the Westcountry will be hit in areas where windfarms are built, a snapshot of the housing market by the Royal Institution of Chartered Surveyors (RICS) has revealed."
Interactive Investor: BoE's King seeks to soothe concerns over 1990s-style UK housing crash "LONDON (AFX) - The In a press briefing following the publication of the central bank's quarterly Inflation Report, King conceded some downward adjustment in prices is likely in the months ahead as the ratio of house prices to earnings declines from the recent heady highs.
moneyextra: Buy-to-Let: Rental yields in recovery mode? "Rental yields in England have risen by 3.8% (from 5.99% to 6.22%) over the last three months, fuelled by increasing demand as potential buyers rent in anticipation of house price falls. That's according to a new report from Landlord Mortgages, the Berkshire-based buy-to-let broker."
Reuters: BoE report suggests rates on hold
"The BoE's quarterly Inflation Report on Wednesday said the overall outlook has changed little in the last three months though the risks have shifted to the downside."
ThisisMoney: Oil boom over, says think-tank: "LEADING international energy think-tank said the oil boom on world markets is over and predicted that prices are likely to fall over the coming months. "
Mirror: ESTATE AGENTS' TRICKS REVEALED: DAY 2 "IN day two of our expose of the dodgy practices of estate agents, we blow the whistle on the murky side of selling property. We reveal every trick, lie, and exaggeration used by smooth-talking sales negotiators to sell you a property."
Mirror: 'WE'LL HELP POOR OWN A HOME' "MILLIONS of low earners struggling to get on the housing ladder will be given a leg up in Labour's next election manifesto."
Telegraph | Property | Who wants to buy a new home now? A brand new home loses value the moment someone moves in. Any loss is recovered during a boom - but in today's stagnant market, homebuyers could be in for a nasty shock. Ross Clark reports
CreditMan: Feelgood factor descends to lowest point this year as dark nights draw in: "Consumer confidence has weakened to its lowest level of the year, reflecting fears of rising interest rates, higher petrol costs and a dampening housing market, according to the latest Consumer Market Outlook report by Experian, the global economic forecasting group. "
moneyextra: First time buyers expose themselves to risk "Latest reports show house prices are starting to fall for the first time in four years, which means that one in five (3 million) homeowners in Britain could be exposing themselves to financial risk by only paying the interest off their mortgage, with no extra funds set up to pay off the capital. So says fee-free broker, Purely Mortgages, in new research."
Guardian: Calls to ease tax burden on home owners "The Council of Mortgage Lenders (CML) has today called on the government to overhaul the way taxes are charged on property. The CML argued that the UK's stamp duty, a tax levied when home buyers pay more than £60,000 for a property, is among the highest in the developed world."
Sky News: SHOP SPENDING DIPS "Confidence among retailers has suffered another blow. A survey reveals sales in October grew at their slowest pace this year."
in2perspective: Sam borrowers' debts balloon: "House price falls are impacting on thousands of elderly people who released cash from their homes with shared appreciation mortgages, or Sams."
Reuters: Housing market slowdown hits Bovis: "Housebuilder Bovis Homes says that sales reservations have slowed in recent months, in a further sign of a cooling in the country's property market."
EveningNews24: Housing market is slowing down: "A SLOWDOWN in the housing market saw property prices in Norwich over the past three months record one of the lowest rises in recent years and a fall in sales."
Sky News: SHOPPERS COUNT THE COSTS: "Consumer confidence is at its lowest level of the year, reflecting fears over interest rates, higher petrol costs and a dampening housing market, according to Experian."
Find a Property: Buy-To-Let To Boom: "Despite talk of a market slowdown, the coming decade should see a huge increase in the number of buy-to-let investors, says a new report..."
Independent: Islington sees first fall in house prices: "The price of the average home slumped by 7.4 per cent - £27,871 to £319,680 - in the three months to September compared with the same period a year ago, the Land Registry said."
Property finance news: New house price falls "The average price of a new home in the UK fell by 3.1 per cent last month to £261,645 according to new data released by the SmartNewHomes website."
ThisisMoney: Homes market remains strong: "UK PROPERTY prices held up well in late summer, according to the latest Government figures. The study conflicts with surveys from estate agents and lenders, some of which suggest prices have been falling for nearly half a year. "
Guardian: Spending slump makes retailers jittery "There are new signs of a sharp deterioration in consumer confidence today - just as retailers head into the busiest shopping weeks of the year. "
in2perspective: House price gloom spreads north: "The gloom that has pervaded southern regions for many months has finally spread north, according to the October survey from assertahome.com."
In2perspective: Buy to let set to bulge, says mortgage lender: "As many as 300,000 more properties will be bought to let out over the next decade, as tax breaks and shifting lifestyles change the shape of the UK landlord community, according to a report from Charcol."
Sky News:BANKRUPTCIES ON THE RISE"Rising interest rates have been blamed for 28.5% more people falling into bankruptcy over the summer than at the same stage of 2003. "
Guardian Unlimited | The Guardian | October fall hits hopes of record: "New car sales in the UK fell sharply last month, denting hopes that 2004 would prove another record year for the industry. Sales fell 5.9% - the worst percentage fall for October since 1992 - to just under 171,000 units, leaving the total for the year so far down 0.2%. Sales to private buyers slumped by more than 13%."
Interactive Investor: Housing Bubble Trouble: "The current ratio of house prices to earnings is at a record high (see chart below). If house prices decline over the next few years homeowners and buy-to-let investors face significant losses, on paper at least. However the impact of a collapsing property market on other markets is unclear. "
Sky News: Will Landlords Cause A Crash? Last weekend, one of the Sunday newspapers featured a headline that warned 'Flight From Buy-To-Let May Spark Crash' above a storyline which implied that private landlords were so nervous about the state of the housing market that they were planning to dump their properties on the open market, thus triggering a possible crash in house prices.
TheMoveChannel: Landlords yields dip set to reverse"As many as 300,000 more properties will be bought to let out over the next decade, as tax breaks and shifting lifestyles change the shape of the UK landlord community. This is according to a report from leading independent mortgage adviser, Charcol, in conjunction with independent research agency, Mintel."
ic Coventry: Tax cost of rising house prices"Booming house prices across the UK are hitting many people hard in the pocket with inheritance tax, according to financial specialists."
ThisisMoney: Buy-to-let to defy housing downturn: "THE buy-to-let property market will remain strong over the next decade despite fears landlords are selling up and leaving the sector, a new survey claims. "
ThisisLondon: Insolvencies soar as debt hits home: "INDIVIDUAL insolvencies have soared by nearly a third in England and Wales as the huge consumer debt continues to hit. Statistics published by the Department of Trade and Industry revealed there were 11,967 individual insolvencies in the third quarter of 2004, a 31.1% increase compared with the same period on a year ago. "
The Motley Fool UK: Will Landlords Cause A Crash? : "Last weekend, one of the Sunday newspapers featured a headline that warned 'Flight From Buy-To-Let May Spark Crash' above a storyline which implied that private landlords were so nervous about the state of the housing market that they were planning to dump their properties on the open market, thus triggering a possible crash in house prices."
Times Newspaper: House price fall biggest in years "City is concerned that the scale of last month's drop could undermine confidence of homebuyers. HOUSE prices suffered their sharpest fall for four years last month, fuelling fears of a rapid downturn in the market. "
BBC NEWS | Business | Head to head: UK housing market: "The UK's biggest mortgage lender, the Halifax, has said that house prices fell by 1.1% in October. It is the latest in a growing line of surveys that show demand is weakening and sales are falling. Is this it for the UK housing market? "
Scotsman.com: New Fears for Manufacturing: "Fresh concern emerged over the fate of the manufacturing sector today when official figures showed lower than expected growth in factory output."
Mirror.co.uk: COUNCIL TAX WILL ROCKET ONE in three council tax payers face a massive bill increase after the next election, it was claimed yesterday. A study predicted "Labour's tax timebomb" would explode in 2007.
Evening Standard: Sky-high UK petrol prices HARDLY a day seems to go by without crude oil prices scaling new peaks. Shortly afterwards, petrol and diesel prices nudge up and British drivers wonder - yet again - if they are paying over the odds to fill up their cars.
ThisisMoney: Hidden costs of first-time buyers TAKING the initial plunge into homeownership requires a deep breath. And, despite reports of falling house prices, a record number of first-time buyers are finding the water far deeper than expected.
Thisismoney: House prices sliding, says Halifax HOUSE prices fell at their sharpest rate for four years in October, producing further evidence that the Bank of England’s interest rate hikes have ended the property boom.
Daily Mail: Confidence levels dented Consumer confidence in house prices dropped to its lowest level in four years last month. Just 45% of homeowners believed their property would continue to increase in value, down from 52% in September, the Woolwich Consumer Confidence Index showed.
Guardian: House prices 'fell in October' House prices dropped by 1.1% in October as the property market continues to weaken, according to the Halifax monthly house price index report.
Times: House market has worst month since 2000 House prices fell by 1.1 per cent last month, their worst performance in four years, Halifax, Britain's biggest mortgage lender, has said.
UK-Wire - Halifax House Price Index House prices fell by 1.1% in October. Over the past year, house prices have increased by 18.5% with the annual rate of growth now below 20% for the first time in six months.
Myfinances: Bank of England could reignite property boom The cooling housing market may be reignited if a fall in mortgage rates gives property prices a second wind, industry experts are predicting. The Bank of England has made strong efforts to cool the market by raising borrowing costs five times in the past 12 months and this seemed to have paid off as prices tumbled.
In2perspective: Consumer boom to end in 2005 Economist Roger Bootle has warned that higher interest rates, record debts and a faltering housing market are likely to bring the consumer boom to an end in 2005.
Sky News: CONSUMER CONFIDENCE HIGH Consumer confidence in the economy is still strong despite rises in interest rates and oil prices and the downturn in the housing market, according to the latest figures. Interest rates could peak at 5% without causing major problems for consumers or the housing market, the Nationwide Consumer Confidence Report predicted.
Reuters: Mortgage rate cuts risk reigniting housing The Bank of England's efforts to cool the housing market by raising borrowing costs five times in the past 12 months may hit a snag if a paradoxical fall in mortgage rates gives property prices a second
BBC NEWS: Bear markets: Wall Street's worst The great Wall Street Crash, exactly 75 years ago, remains the nastiest and most prolonged slump in market history. But during a troubled century, market mayhem occurred with sickening frequency.
Guardian Unlimited | The Guardian | M-Day sees 200 firms stop trading More than 200 firms of mortgage brokers have pulled out of the industry after failing to meet strict new rules, the Financial Services Authority said yesterday as it marked the first full day of statutory regulation of the industry.
this is bath: CITY HOMEOWNERS HOLD ON TO THEIR HOUSES An Increased number of homeowners are being faced with the threat of losing their homes this year after falling into mortgage arrears. But, although the number has increased, the number of repossession orders being made in Bath and north east Somerset l is still well below the national average, according to the latest figures published by the Government's Department for Constitutional Affairs.
ic Birmingham - Recession likely if 30-year rule holds A recession could be staring the world's major economies in the face by next summer if history repeats itself and a 30-year rule holds true that output slumps after oil prices spike.
