rantnrave Posted July 12, 2011 Share Posted July 12, 2011 (edited) Anyone else found coverage of today's RICS and DCLG releases in the MSM? Here's the BBC's take on them: The UK property market remained in "stalemate" in June, according to the latest survey by the Royal Institution of Chartered Surveyors (Rics). Prices continued to fall back while sales rose only "marginally". The continuing downward trend in prices was underlined by the government's own house price index. The Department for Communities and Local Government (DCLG) said average UK prices dropped by 0.5% in May, and by 1.6% over the past year. Only in London have prices gone up in the past year, the DCLG said. "Average prices decreased during the year in England (-1.3%) and also decreased in Wales (-6.1%), Scotland (-2.5%) and Northern Ireland (-13.2%)," the DCLG reported. It said the average UK house price was now £203,528. London resilient Rics said the number of enquiries from potential new buyers was unchanged while the number of homes put up for sale fell slightly. Rics said the rationing of mortgage funds and economic uncertainty meant the "stalemate" would continue. Alan Collett of Rics said: "With continued uncertainty over the jobs market and the economy, this subdued picture is set to continue." "London, however, remains a market apart with both sales and prices showing a greater degree of resilience." 'Stable conditions' The Rics survey is based on responses from 272 estate agents who are Rics members, but the survey traditionally has its finger on the pulse of the market. "Anecdotal evidence from surveyors suggests that the uncertain economic climate is making transactions more difficult and longer to conclude," Rics said. The Rics survey chimes with the latest data published on Monday by the Council of Mortgage Lenders (CML). It said that in May, the number of new loans for house buyers rose by just 1.7% from April, to 41,500. However, this was still 5% lower than the level of mortgage lending recorded in May last year. Only 15,900 loans were made to first-time buyers, up 0.6% from April but down 2.5% from May 2010. These buyers were still having to put down deposits averaging 20% of the value of the homes they were buying, reflecting the continued caution of lenders in offering new loans. "There is no evidence of any drastic changes on the horizon or any significant shifts in direction for the mortgage market," said Michael Coogan, the CML's director general. "These stable conditions are expected to continue for the rest of the year." Edited July 12, 2011 by rantnrave Quote Link to comment Share on other sites More sharing options...
scrappycocco Posted July 12, 2011 Share Posted July 12, 2011 Bloody london! Quote Link to comment Share on other sites More sharing options...
rantnrave Posted July 12, 2011 Author Share Posted July 12, 2011 Bloody london! Breaking news today... London Leading Home Prices Lower Don't count your chickens and all that! Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 12, 2011 Share Posted July 12, 2011 Breaking news today... London Leading Home Prices Lower Don't count your chickens and all that! When London prices are falling they'll find somewhere that's going up . "House prices rise in Accrington due to foreign investors". Quote Link to comment Share on other sites More sharing options...
rantnrave Posted July 12, 2011 Author Share Posted July 12, 2011 When London prices are falling they'll find somewhere that's going up . I believe the phrase they are now using to describe where the rises are is 'Prime Central London'. Quote Link to comment Share on other sites More sharing options...
Timm Posted July 12, 2011 Share Posted July 12, 2011 I believe the phrase they are now using to describe where the rises are is 'Prime Central London'. Prime is top 25% of the market. I think they've moved onto "Prime Platinum" now - the top 10%. Wait till they invent "Super Prime Platinum Double Plus Good" Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 12, 2011 Share Posted July 12, 2011 Prime is top 25% of the market. I think they've moved onto "Prime Platinum" now - the top 10%. Wait till they invent "Super Prime Platinum Double Plus Good" I waiting for the shadow housing market, one where prices are determined by fantasy EAs on a computer network....bit like second life only for real. PS..what happened to second life? Quote Link to comment Share on other sites More sharing options...
BlinkTooFast Posted July 12, 2011 Share Posted July 12, 2011 Breaking news today... London Leading Home Prices Lower Don't count your chickens and all that! Looks like a level-headed report from what ought to be a VI. I found this quote in the final paragraph "The HAPI is based on asking price data which means the index can provide insights into price movements around 5 months ahead of mortgage completion and actual sales data - thus making it the most forward looking of all house price indices. Properties above £1m and below £20k are excluded from the calculations." 1. I'm happy that a forward looking index is pointing downwards 2. Interesting to see that, as many here suspected, when the >£1M houses are removed from the indices, the trend is downwards rather than skewed by the sale of a £35M house in the area that is unrepresentative of general market Quote Link to comment Share on other sites More sharing options...
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