View more on these topics

Housing market close to bottoming out, claims Hometrack

The housing market is about to hit bottom, reveals the latest survey from Hometrack.

The November data show that average property prices have fallen by 8.1% over the last year sending values back to levels last seen in January 2006.

Richard Donnell, director of research at Hometrack, says “All the indicators from the latest survey point to a continued fall in property prices in the short-term. A weak economic outlook and limited availability of mortgages are set to keep prices under downward pressure in 2009.”

But he adds: “Despite this, transaction volumes may be close to bottoming out. The market has been stripped back to the bare bones. It now comprises just a relatively small number of committed buyers able to access finance and needs based sellers who are having to become more realistic on pricing.”

The survey also found that the average time taken to sell a property now stands at 11.8 weeks, down from 11.9 weeks in October.

This is the first time the average number of weeks taken to sell has dropped for a year and a half.


Outsourcing in the new world

We are living in a very different world compared with that of just two years ago. Is it possible that there is anyone yet to utter the words ‘credit crunch’, whether at work, at the shops or in the pub? Although some would argue that the situation is not without precedent, the speed with which it has struck has been startling.

Cable backs RBS six month grace period

Vince Cable, shadow chancellor for the Liberal Democrats, has called for government supported lenders to follow Royal Bank of Scotland and give borrowers in arrears six months before pursuing repossession.

Repossession victims to be given two-year payment holiday

The Prime Minister Gordon Brown has unveiled a two-year deferment of mortgage interest payments for borrowers who face unemployment.The deferment of mortgage interest payments for two years will apply to properties worth a maximum of £400,000.The eight largest UK lenders have so far signed up to the plan – these include HBOS, Nationwide, Abbey, Lloyds […]

Barroso shows typical EU contempt for voters

In a broadcast on French radio Jose Manuel Barroso, the President of the European Commission and former Prime Minister of Portugal, said that some British politicians had recently said to him, “If we had the euro, we would have been better off.”


News and expert analysis straight to your inbox

Sign up