ThisisLondon: Top bankers fuel luxury boom Sales of Rolls-Royces, Bentleys and Ferraris in London are at an all-time high and estate agents are braced for a new boom in £1m properties, reflecting the return of soaring Christmas bonuses at the top end of financial markets.
ThisisLondon: Evidence of house price fall House prices are ending the year lower than they began it in the capital. On average they are almost £12,000 lower than when the London market peaked in June, a survey reveals today.
Confidence In Housing Market Plummets Homeowners' confidence in the value of their homes has plummeted amidst speculation of a full-scale property-market crash, according to new research from Prudential's tri-annual Mood of the Nation Index. Indeed, only 30% of homeowners expect the value of their home to increase over the next 12 months, compared to 61% in March.
Reuters: House prices slip in December"LONDON (Reuters) - Asking prices on homes have dropped in the month to mid-December, property website Rightmove says, adding that they will need to fall further to again revive a rapidly-slowing market. "
Real Estate Gates - Houses prices continue to fall in UK House prices have been falling for the fourth month in a row in Great Britain. Scotland was the only region where property values have increased last month. “The proportion of its members reporting price falls was the highest for nine years”, surveys of the Royal Institution of Chartered Surveyors said.
Why do Brits emigrating in droves to continental Europe? Let me be frank here and say that Great Britain is not one of my favorite nations on earth. In 1969, I had a chance to attend the University College at Swansea, Wales, for my doctoral work; however, I opted for coming to Ohio, USA.
icWales - Market correction? It's here already Conflicting media reports that come out daily are confusing and while no-one can predict the property market for more than a few months at a time in a climate such as this, in South Wales it is certainly not as frantic as it was this time last year.
Rampant Insider Selling Raises Red Flags NEW YORK - Talk about a double standard. While corporate leaders tout the benefits of investors owning their stocks, many executives seem to be running for the doors themselves.
This is Money: Credit card threat to economy"SOARING borrowing on credit cards could threaten Britain's financial stability, the Bank of England has warned. Its latest assessment will raise serious questions over the current record debt levels. The Bank says they may be building up 'vulnerability for the long term'."
Guardian: Labour's fortunes are cemented to bricks and mortar values"Estate agents are twiddling their thumbs. Property is proving hard to shift. House prices are falling. The boom in bricks and mortar is over. So much, so obvious. After its phenomenal rise since the middle of the last decade, some correction in the housing market was overdue."
FT.com / Home UK - America's ominous housing bubble Nearly five years after the bursting of the equity bubble, America has done it again. This time, it is the housing bubble. But this speculative excess may be the cruellest bubble of all - and has already led to a sharp compression of national saving, a record current account deficit and an ominous overhang of personal indebtedness. The US was fortunate in avoiding the perils of a post-bubble carnage in 2000-2001. It may not be so lucky this time
ThisisLondon: Housing crisis revealed
A new study has shown that the proportion of first-time buyers plummeted from 27 per cent of all buyers at the start of the year to 18 per cent at the end of the summer.
Times: No storm clouds for housing market "The forecast for the housing market next year is one of 'bright intervals and scattered showers' rather than 'storm clouds', acciording to a prominent television academic."
moneyextra: First time buyers face four and a half year wait"It takes first time buyers six months longer to save for a 5% house deposit now compared to Q1 2004 and one year nine months longer than in 1994, when house prices began their meteoric rise. That's according to new research from National Savings and Investments (NS&I)."
themovechannel.com: End of falls in new home prices?"The average price of a newly built home in the UK increased by 2.7% last month to £268,724, according to data released from leading new homes website, SmartNewHomes.com. This is the first monthly increase since August and indicates that the new home slowdown is coming to an end."
Economist.com - The disappearing dollar THE dollar has been the leading international currency for as long as most people can remember. But its dominant role can no longer be taken for granted. If America keeps on spending and borrowing at its present pace, the dollar will eventually lose its mighty status in international finance.
SundayTimes: Bank told to hold rates"INTEREST RATES should stay at 4.75% when the Bank of England meets this week, according to the "shadow" monetary policy committee (SMPC). But some members say sterling's rise against the dollar could force the Bank to cut rates soon. "
The Observer - Estate agents 'face decimation' Up to 3,000 estate agents face the axe following a dramatic fall in mortgage lending, experts warned last night. The cull would be the biggest since the 1991 recession and would represent 10 per cent of the industry's total workforce of 30,000.
BBC NEWS - Head to head: UK house prices The UK's biggest mortgage lender, the Halifax, has said that house prices fell by 0.4% in November, and will drop by 2% in 2005. It is the latest in a growing line of surveys that show demand is weakening and sales are falling. Is the UK house-price boom definitely over?
Guardian: Rents soar as homebuyers bide their time Rents are rising at their fastest rate for more than three years as nervous potential homebuyers opt to delay taking their first step on to the property ladder, according to a survey published today.
The Age (AUS) - House price crash warning House prices in Australia could fall by as much as 10 per cent next year with the latest price index showing a fall for the first time in four years, one of Australia's largest mortgage brokers said today.
Reuters: Housing market keeps cooling"House prices fell for a second straight month in November, mortgage lender Halifax says, while predicting property prices will fall 2 percent in 2005 after nine years of gains."
Guardian: Halifax forecasts 2% house price drop"Banking giant Halifax today said that house prices would fall by 2% fall next year and that interest rates had peaked. Its negative outlook for the property market is in contrast to the 2% rise predicted by the Nationwide building society and Bradford & Bingley earlier this week. "
Motley Fool: Facing Up To Falling House Prices"The bad news emerging from the housing market has been mounting up. Recent updates from Nationwide and Halifax show prices down from their summer highs, while estate agents and surveyors have reported a sharp drop in volumes during the autumn. So if you're a property owner keen to sell, successfully marketing a home now requires getting into the right frame of mind. "
Guardian: Water bills on the rise again"Water companies in England and Wales will be allowed to increase bills by an average of £46 over the next five years, the industry regulator Ofwat announced today. "
Guardian Unlimited | The Guardian | Danger - falling dollars The sharp fall in the dollar on the foreign exchange markets - and the consequent rise in the value of the euro - may seem like problems that are of little direct concern to the UK, which never signed up to the euro in the first place. That would be a serious mistake. If the US economy is propelled into a crisis by a free-falling dollar the whole of the rest of the world will feel the reverberations.
Times Online - House prices 'will slow' BRITAIN’S biggest building society yesterday predicted a “year in the doldrums” for the UK housing market, with prices expected to rise by just 2 per cent on average in 2005.
FT.com - OECD says UK needs more rate increases The Bank of England should raise interest rates three more times by the end of next year, taking its main rate to 5.5 per cent, according to the Organisation for Economic Co-Operation and Development.