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UK house price fall 'at a record'
bbc.co.uk
The figures are the latest to show a fall in the housing market UK house prices showed their biggest annual fall since the Nationwide began its housing survey in 1991.
The 8.1% annual decline came after house prices dropped by 1.7% in July, the building society said.
The average home now costs £169,316 which is nearly £15,000 cheaper than in the same month last year.
The Nationwide survey found that house prices have fallen for nine months in a row and were at their lowest level since August 2006.
Property prices were still £11,000 higher than three years ago, the survey found.
"The weakening economy and poor housing market sentiment do not suggest that the market will recover quickly," said Fionnuala Earley, Nationwide 's chief economist.
Sellers were remaining reluctant to accept lower offers, which along with lack of availability of mortgages was pushing down house purchase activity.
Nearly two million British homeowners face the threat of tumbling into negative equity as house prices continue to fall, the Standard & Poors rating agency said in a report yesterday.
"The downward trend in UK house prices now seems well established and we expect prices to continue falling in the near term,"said Andrew South, a credit analyst at S&P.
"In a separate article our economists forecast a further drop of 17% before prices flatten off in 2009."South said around 70,000, or 0.6%, of British borrowers are currently in negative equity.
But he said that number would grow to 1.7 million if house prices fell by 17%.
The ratings agency said borrowers in the buy-to-let market would be more exposed to negative equity if house prices dropped by 17%.
Sell and Rent Back: What you need to know
by Brian Turner
The market in “sell and rent back” has boomed incredibly over the past couple of years.
Originally there were just a handful of established companies in this market - but the tail-end of the property boom has brought in a massive influx of property speculators who have entered this market as an alternative to buy-to-let.
The result is that now consumers are faced with the very real danger of signing over their property to cowboys that could leave them out of pocket and out of home
SELL AND RENT BACK PROPERTY TO MAINTAIN FINANCIAL HEALTH
In quite a few occasions it has been found that to sell and rent back property is a last ditch effort at improving a family’s financial health while at the same time not forcing the uprooting of the family at the mercy of the creditors. Consider that the biggest asset involved, the family home, is subject to foreclosure and forced sale when the payments are not being made on time, and you will quickly understand why a failure to deal wisely and decisively with this large asset will leave the family at the mercy of the mortgage company and the sheriff who will enforce the foreclosure.
Lenders lock out new borrowers amid fears over housing crash
Three-quarters of mortgage products disappear from the high street, as Bank of England plans £50bn bail-out
By Julian Knight, Personal Finance Editor
Sunday, 20 April 2008
Amid news yesterday that the Bank of England is preparing a £50bn support package for high street lenders, it emerged that UK banks have tightened the screws further on borrowers by introducing stricter criteria and withdrawing products.
The impact of the global crunch is being felt by the British housing market. House prices in the country have fallen at their fastest rate in nearly two and a half years, according to data from the Royal Institute of Chartered Surveyors released Tuesday.
The organization, whose monthly survey provides a closely-watched snapshot of the British housing market, said that 22.2% more chartered land surveyors reported a fall in house prices in October, compared with 14.9% the month before, as demand slackened. There was also an increase in the number of new homes being registered as for sale at estate advisors.
