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18-Jan-08
A member of the Bank of England's Monetary Policy Committee (MPC) has hinted that he supports a cut to the base rate of interest sooner rather than later.Deputy governor of the Bank and MPC member Sir John Gieve hinted at his support for a reduction durin...
Market is stronger than it was in the 90s
18-Jan-08
We are not about to see a property price crash on the scale seen in the 1990s, according to one expert.CB Richard Ellis believes that prices will actually rise by around three per cent in 2008, reports the Telegraph.The firm is confident that prices will ...
Jobs stats won't postpone rate cut
18-Jan-08
The latest employment figures reveal that more people got themselves jobs in the three months to November 2007, but future projections point to less healthy times ahead.With this in mind, Dr John Philpott, chief economist at the Chartered Institute of Per...
Landlords receive tax returns reminder
17-Jan-08
People who own investment properties in London and elsewhere in the UK need to get their self-assessment tax returns in before the January 31st deadline.HM Revenue & Customs (HMRC) has warned landlords and other self-employed people not to miss the da...
London airport expansion will boost house prices
17-Jan-08
The value of properties close to London City Airport may increase as the hub expands.In the last 12 months, passenger numbers at the airport have increased by 23 per cent.However, although many people may see this as a negative thing for local homeowners,...
Brits overspend on home improvements
17-Jan-08
A quarter of Britons who carry out home improvement work underestimate how much the projects will cost.That is according to Halifax, which reveals that around one million people undervalue the expenses involved by approximately £4,500.It means that B...
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Print this articleHouse price slump 'worst since 1990s'
16-Jan-08
House prices have fallen at their fastest rate since the housing market slump of the early 1990s, it has been claimed.
The Royal Institution of Chartered Surveyors' (Rics) house price balance fell to -49.1 in December from -40.6 the previous month - its lowest level since November 1992.
Ian Perry, a spokesperson for Rics, has attributed this downturn to the higher cost of credit and the current market turmoil.
"The housing market is clearly feeling the pinch from the credit crunch and the round of interest rate hikes in 2007," he said.
However, he played down further comparisons with the present economic conditions and those which precipitated the housing downturn at the start of the last decade.
Meanwhile, Simon Rubinsohn, the Rics chief economist, has suggested that the figures give cause for optimism as house prices are not declining as sharply as had previously been suggested.
"It doesn't mean that we are over the worst - but we may at least be finding a floor," he told the Times.
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