News
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...
Have your say
Forward this article
Print this articleFalling prices 'good news' for prospective buyers
16-Jan-08
Prospective homebuyers may finally enjoy the year they have been waiting for in 2008 as the UK property market experiences a downturn, it has been suggested.
Signs that the house prices were beginning to moderate in December signals good news ahead for property buyers, commented David Kuo, head of personal finance at monetary advice firm Fool.
Mr Kuo said the website is predicting prices to fall by 20 per cent this year from the 2007 average of around £197,000.
He added: "It is good news for buyers and it is exactly what they [buyers] have been waiting for."
Despite the downturn, first-time buyers will still have to "very, very cautious" in their approach to the market and their finances, Mr Kuo warned.
Accounting for the house price downturn in 2008, property prices would still represent around six times the average Briton's salary, he noted.
Although predictions of a housing market crash emerged in the wake of the credit crunch, a recent survey by Fool found that the economic developments have not dissuaded 75 per cent of homeowners from their aim to tell their properties in the next five years.
Subscribe to news feedWhat people say...
There are no comments on this article.
Have your say?
