The House Price Watch from Assetz puts the price of an average house in March at £202,017. This represents not only a 3% increase on the quarter but also a 0.8% rise on February and 1.2% over the last year.

The Assetz index is an average of five other indexes: the AcadHPI, ONS, Nationawide, Halifax and Rightmove.

Despite the obvious differences in methodologies and views of each individual index on the average house price in March (see table below), what we should really be looking at is the trend. Just about every index since early 2010 shows that the housing market is level.

AcadHPI £221,543 
ONS £224,473
Nationawide £163,327
Halifax £163,803
Rightmove £236,939
Average £202,017

There appears to be (for the moment anyway) a balance between supply and demand that is keeping house prices relatively stagnant. And, with government attempts to keep repossessions at bay as well as earmarking more taxpayers’ money for ‘social housing’ without increasing stock by any great amount, this looks likely to continue into the future.

As Stuart Law, the founder of Assetz, points out we not only have a ‘new’ reduced level of transactions at 50% of 2007 we also have a situation where the level of rental demand is high, boosting landlord ownership of housing. This may be keeping house prices higher than ordinary buyers can afford.

Commenting on the data Stuart Law, Chief Executive of Assetz, said “The year has got off to a strong start, with a 3% rise in average house prices in the first quarter as an average of all of the main indices. Whilst there were a number of factors driving the market upwards, such as a rush to complete purchases ahead of the stamp duty holiday being withdrawn, there were also a number of negative factors such as rising mortgage rates that failed to quell the rise in transactions. In fact, HMRC figures showed a large surge in completed sales in March, up 17% in a month, as house buying demand continued to grow.

“Mortgage lending was also up 30% month on month in February. Nonetheless we still have the ‘new normal’ level of transactions, only around half of those in 2007, and we have no expectation that transaction levels will reach those peaks again for many, many years as we move towards becoming a rental society in the UK.

“We feel that our estimate of a 3% rise in UK house prices for the whole year of 2012, which was at the top of the range of forecasts, could be comfortably achieved, regardless of the initial version of the GDP figures released today indicating that the economy is falling slightly again.

“The UK buy to let community is still one of the main beneficiaries of this double dip recession, with the overall depressed mortgage market driving the private rented sector onwards and upwards. We continue to see strong demand from both experienced and first time investors looking to buy in this strong market.”

Read more: http://www.economicvoice.com/house-prices-rise-3/50029432#ixzz1vPZlZU20

The FTSE 250 company said on Friday that 2011’s full-year operating profits came in at £69.4million, up 23 per cent, adding that traffic has increased by 20 per cent so far this year.

The number of advertisers rose by just 1 per cent to 18,276 in 2011 – in line with the trend seen the year before – but the average revenue per advertiser grew by 17 per cent to £443 a month.

Managing director Ed Williams said the results reinforced the belief that property advertisers will spend more this year on online media than local newspapers for the first time.

‘The Rightmove business model has proven to be remarkably resilient in the unprecedented downturn in the property market experienced in 2008. We have been able to grow significantly even in the difficult housing market thereafter,’ the company added.

Analyst Dominic Buch, of Numis Securities, said the performance was slightly ahead of expectations, noting the success of the product bundling strategy which resulted in a major increase in average spend.

‘We believe the monetisation of mobile and the new local valuation alert service, which provides sellers on the site the ability to request a valuation from up to four agents, provides material medium-term upside,’ he added.

Read more: http://www.thisismoney.co.uk/money/markets/article-2105977/Rightmove-profits-soar-online-advertising-spending-jumps.html#ixzz1vPYSEji9

The onset of the spring moving season generally leads to more ambitious pricing of properties coming to market, partly due to estate agents vying for new seller instructions.

However, this February’s 4.1% (£9,192) increase is the highest monthly rise Rightmove has recorded since April 2002, a surprisingly strong uplift given the challenging economic environment.

In part this is fuelled by the cash-rich sectors of the market where buyer demand is exceeding suitable property supply, though there is also evidence of increasing housing market confidence. After four years of constant economic uncertainty, it seems some property consumers have accepted current market conditions as the new norm.

Miles Shipside, director at Rightmove comments: “We’re seeing a strong ‘spring bounce’ in asking prices this year, but the ball is still a lot smaller than it was before the credit crunch as market volumes are constrained. The biggest jump in new sellers’ asking prices for nearly ten years indicates there is pricing power if you are selling the right type of property in the right place where enough potential buyers have access to funding. If your local market does not have those characteristics and your price-pump is based on little more than seasonal optimism and an estate agent’s hot air, then be prepared for buyer response to be a let-down.

However, there are also indications that those who are able to buy but had previously lacked the confidence to take the plunge are of a more positive mindset this year. Perhaps some people are adjusting to the realities, opportunities and strange normality of a low volume but apparently stable property market”.

Properties coming to market in the early months of the year are often the beneficiaries of a ‘spring bounce’ in asking prices, particularly during the years between 2000 and the onset of the credit crunch. For example, monthly rises of 4.5% were recorded in both February and April of 2002. Since then the largest percentage monthly uplift has been the 3.6% of April 2007. If a more bullish asking price is accompanied by a strong and market-wide seasonal increase in buyer activity, and finance is available to support it, then the local market accepts the increase. This was the pre-credit-crunch norm, but the current UK housing market is now characterised by a number of highly localised micro-markets performing very differently. Potential homemovers’ confidence and ability to move in these micro-markets are affected by a number of factors including access to finance, employment dynamics and mix and availability of housing stock. Upwards price-pressure is understandable in active cash-rich micro-markets with a new listings shortage where demand exceeds
supply, though there are also some early signs of more widespread increases in consumer confidence in the housing market.

Compared to a year ago there is more competition from lenders to attract a greater volume of quality business. The number of available products for both borrowers with a 10% deposit and buy-to-let investors has risen by 35% and 25% respectively over the last 12 months1. There are some attractive five and ten year fixed-rate deals too.

While the £250,000 band stamp duty holiday for first-time buyers ends on 24th March, incentives for buyers of new build properties (which are not included in the Rightmove House Price Index) are set to be enhanced with the launch of NewBuy. This is an industry-led initiative supported by Government to increase the availability of higher loan-to-value mortgages for those buying a brand new me.

Shipside observes: “Since the credit crunch you’ve had to be squeaky clean to pass a credit score, but lenders have more product offerings and are advertising their availability far more strongly in the media. If your mindset is that lenders do not want to lend, then you may not want to bother sourcing finance and face potential rejection. Some agents report that this recent higher product profile from lenders has given some previously disenfranchised buyers new hope”.

60% of the 32,000 questioned in a recent Rightmove survey stated they feel the current housing market favours buyers, a clear indication that there is buyer bidding- power in their area to get a lower offer accepted. The same survey also found that just over half (51%) viewed property as lower risk when compared to other investment options, providing further evidence of confidence in property as an asset class.

Shipside explains: “Prices of some property types in some areas have dropped back enough to offer temptingly affordable homes, either to investor landlords looking for good rental yields or to buyers comparing mortgage payments to the costs of renting. In some micro-markets sellers have the upper hand, but on the whole a buyer with cash or a mortgage offer is the one in the driving seat”.

Record January search activity on Rightmove indicates a pent-up desire to move that out-weighs the uncertain economic outlook. With sales transaction numbers having been depressed for the last four years, many households will have a pressing need to move, and some of those that are able to do so seem to be springing back to life.

Shipside comments: “Search activity on Rightmove is up by 19% on January 2011, and it could be a sign that some of those who can afford to move have decided to get on with their lives, driven either by desperation or by coming to terms with the constant barrage of negative economic news being the new norm. You can get tired of gloomy news, or get used to it, and indeed for some cash-rich buyers life has moved on to such an extent that it’s like the Lehman Brothers collapse never happened”.

Some agents report that sales achieved in the last quarter of 2011 have now left them short of saleable stock. In October last year average unsold stock per estate agency branch was 75 properties, and this has now fallen to 67. This is further evidence of a pick-up in buyer confidence and demand starting to eat away at the rump of unsold stock. Lack of capacity in the new-build sector and sellers’ reticence to come to market also means that properties that are coming off the market are not being replaced at the same rate.

Average weekly listings are currently running at circa 30% below pre-credit crunch levels, and new seller numbers continue to be as depressed as those of 2011. The weekly run-rate of 24,406 new listings is virtually unchanged on the 24,327 recorded in the same period last year. Upwards price-pressure is likely to be sustainable in active cash-rich micro-markets with a shortage of new listings. For example, London asking prices are now less than 1% off their all-time high, with property coming to market down 9% on this time last year.

Shipside adds: “When prospective home-movers see less property advertised for sale and those that are turning over more quickly, it has a positive effect on their confidence to move and encourages them to act with more urgency. Stock levels are still on the high side in some less active parts of the country, but much of that stock is perhaps over-priced and un-saleable. However, in some micro-markets the shortage of existing and new instructions is such that it has helped contribute to the largest monthly jump in new seller asking prices for nearly a decade. While the mass-market stays at home, those that have access to funding continue to be active and have spending power, resulting in this month’s big price hike”.

http://propertytalklive.co.uk/component/jomcomment/trackback/8398/com_content

Zoopla.co.uk, which has now broken into the top 100 websites in the UK, was ranked 98th by Experian Hitwise in January for share of total web pages viewed by UK users, putting it well ahead of its longer-established rivals including Findaproperty (ranked 125th) and Primelocation (ranked 193rd).

Zoopla.co.uk’s position as the #2 UK property website behind only Rightmove is confirmed by the most recent figures for December released by website monitoring firm UKOM Nielsen.

According to UKOM Nielsen data, the unique audience figures in December were 1,034,000 for Zoopla compared to 852,000 for Findaproperty and 656,000 for Primelocation.

Over the past 12 months, Zoopla.co.uk has seen exceptional growth with leads sent to its member agents up an impressive 368% since last January, making it one of the most important sources of enquiries for UK agents and developers.

In January alone, Zoopla.co.uk recorded numerous new daily traffic highs with almost 8 million visits during the month and 3 searches per second being conducted on its website.

Alex Chesterman, Founder & CEO of Zoopla said:

"We are delighted to have made it into the top 100 UK websites by share of pages viewed in January. We continue to innovate and invest in making Zoopla.co.uk the UK’s leading online destination for both property search and property research and are clearly having a major impact in the space for both consumers and our agent members.”

Unique visitors to the UK's leading property portals

1. Rightmove    2,350,000

2. Zoopla    1,034,000

3. Findaproperty    852,000

4. Primelocation    656,000

http://www.myintroducer.com/view.asp?ID=6170

House prices increased by 0.6 per cent in January. which is the second increase in the last six months and the first since October, data from Halifax’s monthly house price index has shown.

Prices in the three months to January were 1.8 per cent less than for the same period a year earlier.

This measure of the annual rate has edged lower in the last two months from minus 1 per cent in November, but is still comfortably above the recent low point of minus 4.2 per cent in May 2011.

The UK average house price in January at £160,907 was very similar to that in May 2011 at £161,039.

According to Halifax, there has been a “modest pick-up” in housing activity.

The industry-wide number of mortgages approved to finance house purchase held steady at close to 53,000 for the third successive month in December.

Overall, approvals in the final three months of 2011 were 3 per cent more than in the previous quarter and 16 per cent greater than in the same period of 2010.

Halifax claimed the recent improvement in employment trends may have supported housing demand.

The number of people in employment in the three months to November was 18,000 more than in the preceding three months (June to August).

This was the second consecutive increase on this quarterly basis following falls since May.

He said: “Low rates have contributed to mortgage payments falling to their lowest level as a proportion of disposable earnings for a new borrower for 14 years. A recent improvement in employment trends may also have supported demand.

“Prospects for house prices over the coming months will, to a large extent, depend on events in the eurozone and the repercussions of developments there for the UK economy. If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012.”

Martin Ellis, housing economist of Halifax, highlighted the “continuing very low level” of interest rates has helped to support housing demand, resulting in little overall movement in house prices since last spring.

http://www.ftadviser.com/2012/02/06/investments/economic-indicators/halifax-reveals-average-uk-house-prices-is-k-yRs6FSCMMmMqseUrZ7kp6M/article.html

WHAT DOES PRIME ACTUALLY MEAN?
There is no dictionary definition of prime, but usually, in more established prime areas, such as Knightsbridge, Mayfair and Chelsea, it means there are a high volume of properties worth more than £2m. For more development-led prime areas, such as the Southbank, the City and the City Fringe, it means that properties are regularly achieving over £1,000 per square foot. Usually we find that these prime areas have common factors as well as being centrally located. These are fantastic retail outlets, good transport links and high levels of top-end housing stock.

ARE OVERSEAS BUYERS SNAPPING UP ALL THE HOMES?
No, but they are certainly an important market. Around 53 per cent of sales in PCL are to buyers from overseas, and there was increased interest from Greek and Italian buyers late last year. Greek buyers invested £276m in Prime London property last year, while Italians spent £377m.

WHAT ABOUT RENTS?
Rents in the prime central London area have also risen strongly over the last year and are higher than they were during the previous peak in 2008. As with the rest of the UK, there has been increased demand for rental property as transactions eased. But for those wondering how high rents can actually go, there has been a respite, as prime central London rents have slipped over the last three months, the first falls seen since 2009. They are still 6.7 per cent higher year on year however.

WILL THE CRISIS IN THE EUROZONE AFFECT THE MARKET IN LONDON?
The Eurozone crisis is certainly casting a shadow over the UK, and global, economy. There is no doubt that the UK’s economic growth rate will be affected if the Eurozone crisis deepens further or if the Eurozone breaks up. This will have a knock-on effect on all areas of the housing market. But there is an argument that prime central London property would still be seen as a safe haven amid very uncertain times in Europe.

However our central forecasts are based on the Eurozone weathering the storm and remaining united.

WHERE IS THE BEST PLACE TO BUY IF MONEY IS NO OBJECT?
It really depends on what your priorities are. For some buyers, being close to their children’s school or university will be paramount, some will want to live in a building with iconic architecture and top- end service, while others may want to start from scratch in an untouched townhouse. But a major factor to bear in mind is security. In this respect Kensington Palace Gardens fits the bill, as do some of the recently developed buildings in the capital.

WHERE IS THE BEST PLACE TO BUY IF MONEY IS AN OBJECT?
Look for locations on the edge of prime or where future infrastructure investment will pull your location into a more desirable bracket – so property within walking distance of Crossrail stations, for instance Aldgate and Farringdon are interesting to consider.

IS IT TRUE THAT BEING NEAR A GOOD RESTAURANT CAN ADD VALUE TO A HOME?
We recently did some research across the UK focusing on Michelin-starred restaurants and found that house prices close to some of the best restaurants, such as the Fat Duck and Whately Manor have climbed by twice as much as other properties in the wider locality. In London most people are surrounded by good bars and restaurants. This certainly is part of the attraction of living in London, and why many are willing to pay a premium to do so.

http://www.cityam.com/living/kensington-farringdon-why-london-s-prices-are-buoyant

House prices in Woking rose by 16% last year - the highest out of any of the 130 towns covered by the Halifax Town House Price Survey of the UK. Prices in the Surrey commuter town rose from £257,590 in 2010 to £299,654 in 2011.
The second-placed town for house price rises in 2011 was Falkirk, where prices rose by 12% over the year. The town, situated midway between Glasgow and Edinburgh, saw its typical house price rise from £113,422 to £126,548.
Out of the 20 towns with the strongest price rises last year, nine were in London and the south-east.
In comparison, the towns with the biggest fall in prices last year were Kettering in Northamptonshire and Dunfermline in Scotland, which both recorded declines of 15%. Prices in Kettering fell from £165,823 in 2010 to £140,258 in 2011 and in Dunfermline from £130,666 to £111,282. Nine out of ten towns with the largest price falls are outside the south.
A separate report from the Nationwide said that nationally, house prices fell by 0.2% in December, but by 1% over 2011 as a whole. It says that the average home in the UK cost £163,822 in December compared with £165,798 in November.
Nine out of 13 UK regions recorded house price rises in 2011, with London seeing the strongest growth over the year.
Northern Ireland was the worst performing region for the fourth consecutive year, with prices falling by 8.9% over the year - a typical home costs £113,614 and it is now the cheapest place in the UK to buy a home.

Property prices in the West Midlands rose by more than 15 per cent to £186,633 over the 12 months to November 2011, making it the region with the most significant increase overall, data from SmartNewHomes’ house price index has shown.

The average asking price of a new home in November in England, Wales and Scotland was £224,298, up 0.8 per cent from the figure in October.

This is the second consecutive monthly increase recorded on the index, with prices now up 1.3 per cent over the past three months. The data show, however, that annual growth has fallen back from a peak of five per cent in October to a more “sustainable” 1.7 per cent.

The monthly rise in November reflects prices rises that were recorded across eight of the 11 regions England, Wales and Scotland as defined by SmartNewHomes.
After the West Midlands, the largest growth was recorded by Yorkshire and the Humber, which saw prices rise by 6.8 per cent to £191,254. Prices in three regions - the north-west, north-east and Scotland - all rose by around five per cent.

Average prices in the East Midlands grew by 2.3 per cent, while Wales and the south-east both recorded modest growth of 1.5 per cent and 1.4 per cent respectively.

The three regions that saw falls include: Greater London, which dropped 11.1 per cent to £300,418; East Anglia, which slipped 6.3 per cent to £213,798; and the south-west, which fell by 4.2 per cent.

Steve Lees, director of SmartNewHomes, said: “Demand, coupled with a more streamlined market, will underpin price growth in the first half of 2012 and until the new National Planning Policy Framework comes into effect in the autumn and the number of new homes coming to market begins to increase.

“However, the recent revising downwards of gross mortgage lending figures in 2012 by the Council of Mortgage Lenders threatens to waylay those buyers keen to make a move into the market as well as undermining the efforts of housebuilders and the government, who continue to work closely with the banks and building societies to introduce a range of affordable mortgage products.”

Article

Article

"By selling through a solicitor estate agent, your house will be featured not only through your local property centre, but now on the national website as well."

The new website will provide detailed information and photographs for more than 14,000 properties for sale across Scotland.

'Steady flow' Meanwhile, SPC Scotland reported about 17,000 Scottish properties, with a combined value of more than £3bn, were sold in the nine months to the end of September.
Mr Cannon said: "These latest figures show that, despite the current economic downturn, there has been a steady flow of properties changing hands across the country.
"There are still more properties for sale than there are buyers, so it's tough on sellers at the moment.
"But the data we've gathered tells us that houses are selling - as long as the seller is realistic about their asking price."

http://www.bbc.co.uk/news/uk-scotland-scotland-business-15925469

UK house prices rose by 1.2% in October compared with September, but have fallen over the last year, according to the Halifax.
The lender, part of Lloyds Banking Group, said that values had fallen by 1.8% compared with a year ago.
It said that the housing market had remained "highly resilient" despite weakness and a deteriorating outlook for the UK economy.
The average home in the UK was valued at £163,311, the Halifax said.
Its house price survey is based on its own mortgage data.
'Resilient' The Halifax said that there was a 0.3% fall in prices in the three months to the end of October compared with the previous quarter. This was the first time this measure has recorded a fall since June.
Martin Ellis, Halifax's housing economist, said that this was an indication of the general stability of prices, despite the month-on-month figures having shown some volatility during the year.
"The housing market has proved highly resilient in recent months, despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies," he said.
"The prospect of exceptionally low official interest rates over the foreseeable future is likely to continue to support the market in the face of a very difficult economic climate.
"Both prices and activity levels are expected to remain close to current levels over the coming few months."

STATISTIC GRAPH HERE

The survey's findings are similar to the picture painted by the Nationwide Building Society. A week ago, it said that UK house prices were "treading water".
The Nationwide said the annual change in October was a 0.8% rise.
However, the year-on-year comparison is calculated slightly differently by the two lenders. The Halifax compares the previous three months with the same three months a year earlier to give a smoother comparison, rather than a direct comparison of the equivalent months.
The most recent figures from the Land Registry showed that there have been sharp differences in price changes in different parts of the country.
In London, prices rose by 0.3% in September compared with August, and were up 2.7% compared with a year ago. Yet the North East of England witnessed a 3.9% drop in month-on-month prices, and an 8.2% fall in annual values.

Source - http://www.propertywire.com/news/europe/rics-estate-agents-improve-201110315727.html

SOURCE ARTICLE

by Robert Lee, Tax-News.com, London21 October 2011

Following an informal consultation on proposed changes to the UK's Real Estate Investment Trust (REIT) regime, the government has agreed that the levy payable by companies which convert into REITS should be scrapped.

The consultation concluded in June, and focused on changes originally outlined at Budget 2011 in March. 53 written responses were received from a wide range of interested parties including REITs, house builders, fund managers and property investment companies. The Treasury also conducted around 20 meetings with a range of stakeholders.

According to the Treasury, all respondents to the consultation fully supported a proposal to scrap the 2% conversion charge payable on the market value of all the qualifying assets held at the year end (less qualifying assets held at the beginning of the accounting period). The Treasury has therefore agreed that this charge will be abolished.

UK REITs were introduced on January 1, 2007 to encourage the development of the residential letting sector and to enable shareholders in the listed real estate investment property sector to be treated for tax purposes as if they had acquired the underlying portfolio of investment property.

One of the main advantage of REITs is that they pay out most of their income in the form of dividends but do not pay income tax. However, the conversion charge has been seen by many as a barrier to the expansion of the REITs sector.

The government has also agreed that listing requirements should be relaxed to allow REITS to list on non-regulated stock exchanges. The consultation highlighted that this would lead to increased accessibility to markets for start ups and smaller companies by making it possible to raise small amounts of capital at a cheaper cost. In addition, the government believes this would mean less onerous rules relating to trading history, and lighter governance and reporting requirements which means that ongoing running costs are also reduced.

http://www.tax-news.com/news/UK_To_Scrap_REIT_Levy____52044.html

(AP)  LONDON — Like many young Londoners, 25-year-old Rueben Taylor shares a house in a neighborhood that's part scruffy, part smart. Unlike many others, she doesn't pay a penny in rent — and that puts her at the center of an escalating battle pitting the rights of property owners against the needs of tenants squeezed out of Britain's shrinking stock of affordable homes.

Taylor is a squatter, who lives with four others in a brick and stucco 19th-century row house on a street of 600,000 pound ($950,000) homes. The owner is unhappy about the unwanted guests, but they are not committing a crime — something that could change if the British government has its way.

Britain's Conservative-led administration says squatters are an anti-social scourge, and has begun moves to outlaw the practice of living in empty buildings without the owner's permission. It's currently a civil, rather than criminal, offense.

The idea seems to have wide public support, but faces opposition from squatters, housing charities and many legal experts — including one London judge, who has ordered a local authority to release a list of empty buildings to a squatting support group.

"The idea is being created that squatting is one of the biggest social evils facing our society, which is completely insane," said Taylor, sitting amid the bare floorboards and plaster walls of a damp, gutted house that appears to have been abandoned mid-renovation. "We're not advocating the idea that everybody should immediately go out and take over everybody else's houses."

She says this house had been empty for years when the squatters moved in a month ago. They have since reconnected the water and electricity — and pay the bills — and filled the house with scavenged or donated furniture.

According to official records, the house was bought by its current owners — a lawyer, his wife and his stepson — in 2006 and was last occupied, by tenants, in 2007. It was put up for sale a year ago but did not find a buyer.

That is an increasingly common occurrence in Britain's sluggish housing market, which is weighed down by a combination of cash-strapped buyers, banks reluctant to lend and owners unwilling to drop their asking price. It's one of several factors housing groups say is driving up the number of empty buildings at a time of economic hardship and rising rents.

The owner declined to discuss the case but said he intended to get the house back. The squatters say they will move if served with an eviction order, which can be a lengthy process.

Squatting is a well-established, if generally unwelcome, tradition in Britain. While the government does not keep hard numbers, it cites an estimate of 20,000 squatters nationwide. In England and Wales it is a civil rather than a criminal matter, so while squatters can be evicted by the courts, they don't get fines or go to jail.

Justice Minister Crispin Blunt said something needs to be done to lessen the "distress and misery" squatters cause.

"Law-abiding property owners or occupiers who work hard for a living can spend thousands of pounds evicting squatters from their properties, repairing damage and clearing up the debris they have left behind," he said as he asked for public input, the first step toward changing the law.

While many in Britain see squatters as freeloaders, squats can be hives of creativity. Musicians from Joe Strummer to Boy George got their start living rent-free, as did other artists who went on to global fame in the 1980s and 90s.

The public view of squatting has been colored by a wave of recent newspaper horror stories about hapless homeowners being overrun. There was the civil servant who returned from a weekend away to find eight Romanians living in her house, and her possessions in garbage bags outside. There were the sisters who came back from a visit to the Philippines to discover they had been locked out by interlopers.

And there was the doctor who in August found a dozen squatters living in the London house he was about to move into with his pregnant wife.

"It feels like you've been mugged," neurosurgeon Oliver Cockerell said in a Guardian newspaper podcast. "It felt like when I got my car stolen, but 100 times worse."

It took Cockerell two weeks — to get an eviction notice to force the squatters out, and weeks more to clean up the mess of empty beer cans and ruined carpets. He also has to pay for the repairs — though evicted squatters are in theory liable for legal costs and damage, in practice it's often impossible to track them down and force them to pay.

"What the squatters are proposing is anarchy," he said.

Squatters' rights organizations disagree. They say an anti-squatting law could also criminalize student sit-ins or workplace occupations, and point out that it's already a criminal offense to occupy a building someone else lives in or intends to move into. Squatting is legal only in vacant properties that are not someone's home, so the squatters in Cockerell's house were breaking the law.

"These cases are extremely rare but the media are making them seem like they are happening everywhere," said Joseph Blake, a 20-year-old who works with the group Squatters' Action for Secure Homes.

The two views of squatting — social menace versus economic necessity — came to a head in a London court last month, when a judge ordered a local authority, Camden Council, to release a list of all empty homes and buildings in the borough, complying with a freedom of information request from a squatters' advice service.

The council and police argued that releasing the list would bring an increase in squatting, which would in turn bring more noise, vandalism, drug-related crime and arson.

Judge Fiona Henderson agreed that publishing the list "would have a negative impact on the prevention of crime." But she ordered authorities to release it anyway, in part because "there is a strong public interest in bringing empty properties into reuse."

The council still refuses to hand over the list and has launched a legal appeal.

It's not clear whether the government will succeed in criminalizing squatting. The Dutch government did just that last year, sparking violent protests by squatters. The Ministry of Justice says it will publish its formal proposals "in due course."

Housing and homelessness groups say making squatting a crime is a particularly bad idea now, when Britain is facing a growing housing crisis. The deficit-slashing government, which is cutting 80 billion pounds ($130 billion) from public spending by 2015, has reduced welfare benefits and cut support to groups that help the homeless.

Unemployment is rising, and many people struggle to afford private rents, especially in London, where the average rent for a two-bedroom apartment is more than 1,300 pounds a month ($2,050) a month.

Squatting advocates say there are as many as 750,000 empty buildings in Britain that could be put to productive use as homes.

"There's a lot of talk about the problem of squatting," Taylor said. "Squatting is not the problem. Squatting is the solution."

http://www.cbsnews.com/stories/2011/10/17/ap/business/main20121220.shtml

Zoopla and the Digital Property Group are to merge, in a deal which will bring together several leading property-search websites, including Findaproperty.com, Zoopla.co.uk and Primelocation.com, creating, the two companies believe, a credible challenger to long-standing market leader Rightmove.
The Digital Property Group is owned by A&N Media, the consumer division of Daily Mail and General Trust.

Key benefits to househunters will include greater coverage of property listings and enhanced features, which will enable them to make better-informed decisions in the current difficult UK residential property market.

Estate agents and developers, too, look set to benefit. Said Alex Chesterman, founder and CEO of Zoopla, “The deal will deliver real value for UK estate agents and developers, and we will be in a position to provide them with the widest possible exposure and be their most cost-efficient marketing partner."

http://www.relocatemagazine.com/property-home1/general-property-news/3035-zoopla-and-digital-property-group-to-merge

(RTTNews) - New sellers' asking prices for U.K. houses increased at the fastest pace in eight months in October, while the gulf in prices between the affluent southern regions and the north widened to an all-time high in the survey history, latest figures from Rightmove showed Monday.

Nationally, prices increased 2.8 percent to 239,672 pounds in October compared to a 0.7 percent increase in September. Annually, prices rose 1.2 percent.

The survey revealed that asking prices in the south climbed 4.7 percent month-on-month to a record 336,743 pounds, more than double those in the north. Asking prices in the north fell back 0.7 percent to 164,347 pounds, levels first achieved over six years ago in May 2005.

Mortgage approvals rose to the highest level since November 2009, indicating a slight easing in the mortgage famine, with low-rate deals likely to help home movers in the deposit-rich south while public sector job losses hit prices in the north, Rightmove said.

According to the Bank of England, mortgage approvals totaled 52,410 in August, the highest level since the end of 2009.

The overall increase in asking prices masks a two-tier UK property market, Rightmove Director Miles Shipside said. Wider access to mortgages and rising asking prices are early signs of increasing demand, giving home owners some grounds for hope of a market recovery, Shipside added.

House prices in London rose to a record high of 450,210 pounds, which is 2.6 higher than its previous peak in June.

Of the seven UK regions with the highest unemployment levels six are in the north, so employment concerns, especially in the public sector, will be exerting downwards pressure on prices and activity in many northern area, Shipside said.

According to a survey by the Royal Institution of Chartered Surveyors released last week, house prices in the U.K. remained unchanged in September, while housing supply fell back due to weak consumer confidence.

by RTT Staff Writer

http://www.rttnews.com/Content/TopStories.aspx?Id=1734496&SM=1

The Daily Mail group is to merge its online property business with an independent rival in a bid to take on market leader Rightmove.

Findaproperty.com and primelocation.com, which provide the online property portals for Northcliffe’s regional newspaper titles, are to merge with Zoopla.

DMGT’s consumer media division A&N Media will own a 55pc stake in the newly-merged company.

Zoopla is currently privately-owned with venture capital interests as its largest shareholders. It recently announced a deal to power the online property offering for regional publisher Johnston Press.

DMGT said in a statement:  “In a market that has had a single dominant player in Rightmove for many years, this will create a viable and effective alternative for estate agents and housebuilders across the UK.

“For consumers, the combination will provide significantly greater coverage of property listings and enhanced features to help make better-informed decisions in the UK residential property market.”

Martin Morgan, chief executive of DMGT added: “This merger will create a genuine opportunity to challenge the dominant market leader in the online property sector.

“We believe that the combination of our respective digital property assets will benefit both consumers and clients.”

The deal is subject to approval by the Office of Fair Trading

SOURCE - http://www.holdthefrontpage.co.uk/2011/news/property-websites-merge-in-bid-to-rival-rightmove/

Sunday, October 02, 2011 11:02 AM

The premium that homebuyers are required to pay to live in one of the UK’s cities has risen to its highest ever level, according to The Halifax Cities Review.

The review tracks movement’s in house prices across 59 cities in the UK and it shows that house prices in cities are on average seven per cent higher than the average for the county the city is a part of. This represents the highest premium since the Halifax started recording data for their house price index in 1983.

Overall, house prices in UK cities have risen by 65 per cent since 2001, from £104,681 in August 2001 to £172,917 in August 2011. This equates to a weekly increase of £131. By contrast, house prices for all types of home across the UK have increased by 56 per cent over the same period.

Westminster in London is the city with the most expensive homes. The average price is £570,964, followed by Winchester at £363,556. All of the top ten cities for house prices are in the South. Edinburgh, at £206,303 has the highest average cost of a city home outside of Southern England.

Salford has the cheapest city homes, with an average cost of £105,833. Portsmouth is the cheapest city for property in the South of England, the average cost being £141,871.

The extra costs that homebuyers are expected to pay is most pronounced in Southern England. Seven out of the ten cities with the highest premium are in the south. Winchester tops the list with a house costing 77 per cent more than the average for Hampshire as a whole. Westminster comes in next with property available at 74 per cent more than the average for Greater London. Lichfield in Staffordshire has the highest premium, 58 per cent, outside of Southern England.

There are a few exceptions. Some cities have average house prices that come in less than the cost in the county. Portsmouth, where the average house price is £141,871, is 31 per cent cheaper than the average cost of a house in the rest of Hampshire.

Read more: Terraced house prices up £118pw

The largest proportional increases in house prices have come in cities away from the South of England. Inverness in Scotland has seen its prices rise by 148 per cent in a decade, whilst Hull has seen a 119 per cent price rise.

During the downturn which has seen a slight fall in average house prices across the UK, homes in city areas have been less affected. City house prices fell by an average of 17 per cent between 2007 and 2009, compared with a fall of 24 per cent across the UK.

Meanwhile, affordability of buying a home in a city has increased. The typical city home will now cost 5.2 times annual earnings compared to 4.8 in 2001. This ratio has improved in the last four years, down from 7.2 in 2007.

Suren Thiru, housing economist at Halifax, said:"With the housing demand and supply imbalance that characterises the UK property market often more acute within our major urban conurbations, homes in cities across the country are typically trading at a marked premium over neighbouring areas."

Use the Myfinances.co.uk comparison tables to find a better mortgage deal.

SOURCE - http://www.myfinances.co.uk/mortgages/2011/10/02/halifax-says-there-is-a-7-premium-for-uk-city-homes

The Daily Mail group is to merge its online property business with an independent rival in a bid to take on market leader Rightmove.

Findaproperty.com and primelocation.com, which provide the online property portals for Northcliffe’s regional newspaper titles, are to merge with Zoopla.

DMGT’s consumer media division A&N Media will own a 55pc stake in the newly-merged company.

Zoopla is currently privately-owned with venture capital interests as its largest shareholders. It recently announced a deal to power the online property offering for regional publisher Johnston Press.

DMGT said in a statement:  “In a market that has had a single dominant player in Rightmove for many years, this will create a viable and effective alternative for estate agents and housebuilders across the UK.

“For consumers, the combination will provide significantly greater coverage of property listings and enhanced features to help make better-informed decisions in the UK residential property market.”

Martin Morgan, chief executive of DMGT added: “This merger will create a genuine opportunity to challenge the dominant market leader in the online property sector.

“We believe that the combination of our respective digital property assets will benefit both consumers and clients.”

The deal is subject to approval by the Office of Fair Trading.

http://www.holdthefrontpage.co.uk/2011/news/property-websites-merge-in-bid-to-rival-rightmove/

The Halifax Property Type Review tracks price and sales movements by property type across the UK over the past ten years.

The review is based on the Halifax's own extensive housing statistics database. House price and sales comparisons refer to data from Quarter 2 in 2001 and Quarter 2 in 2011.

The average price of terraced homes in the UK has risen by more than any other type of property over the last 10 years, according to new Halifax research.

Based on Halifax's own data, owners of terraced properties have seen the value of their property rise by an average of £118 a week over the past decade with the typical price of a terraced home increasing by 68% (£61,489) from £89,843 in 2001 Quarter 2 to £151,332 in 2011 Quarter 2.

Over the past 10 years, the price of the average UK home has risen by 53% from £116,325 in 2001 Quarter 2 to £177,740 in 2011 Quarter 2.

Bungalows recorded the second biggest increase (68%), followed by semi-detached properties (62%).

Despite terraced properties recording the strongest price growth over the past decade, they remain the most affordable property type.

The price of an average terraced property is 15% below the average UK house price of £177,740 and 45% lower than the price of the average detached home of £273,173.

In 2001, the typical terraced house price was 23% lower than the UK average house price for all properties.

Terraced homes also saw their share of all house sales rise by more than any other property type over the past decade, increasing from 31% in 2001 to 34% in 2011. In contrast, detached homes were the only property type to see a drop in their share of all sales since 2001, declining from 21% to 14%. This decline was driven by a large drop in the proportion of home movers buying detached homes (from 30% to 22%).

Semi-detached and terraced homes have remained the most popular types of property purchased over the last 10 years.

These property types represent nearly two-thirds (63%) of all home sales in 2011; up from 59% in 2001. For first-time buyers, semi-detached homes have risen in popularity, accounting for 29% of purchases in 2011 compared with 26% in 2001.

Flats have been the worst price performer over the last 10 years

Flats recorded the smallest price growth over the decade to 2011 with the value of a typical flat rising by 49%. This relative underperformance largely reflected an over-supply of this type of property in some parts of the country.

Flats more than doubled during the 2000s, as a proportion of all dwellings built in England, rising from 20% in 2000/2001 to a peak of 50% in 2008/09.

This proportion has since dropped to 35% in 2010/11 during the marked downturn in the housing market.

Terraced homes account for the biggest price growth in most UK regions

Terraced properties recorded the largest price increases of any property type in eight of the eleven UK regions tracked1 over the last 10 years.

In contrast, detached properties and flats witnessed the smallest percentage gains over the period across nine regions.

Yorkshire and Humber and Scotland accounted for the biggest price rises across all five property types since 2001, while London accounted for the smallest gains across all property types.

Those looking to trade down later in life have seen their potential cash windfall rise by over a third over the past ten years.

Trading down from a detached home to a bungalow would have earned an average windfall of £86,006 in 2011; an increase of 35% (£22,413) since 2001.

Suren Thiru, Halifax housing economist, said:

"Although all property types have recorded significant price increases overall during the past decade, terraced homes have seen the biggest growth.

"Demand for such properties is likely to have been supported by their relatively favourable levels of affordability over the period. The rapid house price rises during much of the 2000s priced many potential home movers out of the upper end of the UK housing market."

SOURCE - http://www.myintroducer.com/view.asp?ID=8089

HOUSE prices have rocketed in the past decade with homes growing in value by up to £118 a week, according to latest data.

Underlining the enduring resilience of the property market and the power of bricks and mortar, the research shows Scottish homeowners have seen property values rise by an average 91 per cent during the past 10 years.

With concerns about the global economy increasing by the day, home owners will be reassured by the Halifax data that shows their biggest investment remains rock solid.

Scotland recorded the biggest increase from £76,547 to £146,018, outstripping the UK average rise of just 52.8 per cent since 2001.

Peter Rollings, of estate agent Marsh & Parsons, said: “Property may not be a very liquid investment, but it is a safe long-term bet. Even taking into account the downturn in 2008, long-term home owners have seen strong capital appreciation in the past decade.

"Property may not be a very liquid investment, but it is a safe long-term bet"
Peter Rollings, of estate agent Marsh & Parsons

“The UK’s growing population and demand for accommodation, combined with an under-supply of new-build
homes, means that prices will rise in the long-term in many areas.”

While Tracy Kellett, managing director of buying agency, BDI Home Finders, added: “Despite the big fall in prices of 2008 and ongoing volatility, the property market is still up over a ten year period – and quite considerably.”

Owners of terraced houses have seen the biggest increase in the value of their property. They have recorded a 68.4 per cent hike over the past decade – or a staggering £118 a week.

The typical price of a terraced home has soared from £89,843 in 2001 to £151,332 now, according to Halifax data. Bungalows recorded the second biggest increase at 67.9 per cent followed by semi-detached properties with a 62 per cent rise.

Overall the average three bedroom house is up 53 per cent in the last 10 years from £116,325 in 2001 to £177,740.

Property expert Henry Pryor said: “Property remains one of the most attractive investments. Firstly you can live in it, either the owner or a tenant, secondly property remains one of the few investments you can leverage to borrow on again and again, and thirdly, property has replaced stocks and shares as a pension for many.”

Flats recorded the smallest price growth over the decade to 2011 even though values rose 49 per cent.

Numbers more than doubled during the 2000s, as a proportion of all dwellings built in England, rising from 20 per cent in 2000/2001 to a peak of 50 per cent in 2008/09.

“This proportion has since dropped to 35 per cent in 2010/11 during the marked downturn in the housing market.”

Miles Shipside, of online property analysts Rightmove, said: “Terraced property is the traditional purchase of choice of first time buyers, and this demand has given this property type the largest percentage increase.

“While trendy flats and apartments fetched high prices during the boom, these figures show that the less fashionable terrace has proved to be the best long-term investment.”

Terraced homes recorded the largest price increases of any property type in eight of the 11 UK regions tracked over the last 10 years.

In contrast, detached properties – which have gone up 56 per cent in 10 years – and flats witnessed the smallest percentage gains.

Scotland accounted for the biggest price rises across all five property types since 2001 followed by Yorkshire and Humber.

London accounted for the smallest gains.

The price rises mean those looking to trade down later in life have seen their potential cash windfall rise by more than a third over the past ten years.

Downsizing from a detached home to a bungalow would have earned an average windfall of £86,006 in 2011 – an increase of 35 per cent since 2001.

Suren Thiru, Halifax housing economist, said: “Although all property types have recorded significant price increases overall during the past decade, terraced homes have seen the biggest growth.

“The rapid house price rises during much of the 2000s priced many potential home movers out of the upper end of the UK housing market.”

SOURCE - http://www.express.co.uk/posts/view/273898

Youngest first-time buyers are in the north of EnglandWhile the average age of a first-time buyer in the UK is 29, there is almost a decade's difference between some areas of the country, according to new research from Halifax.The youngest first-time buyers are in Selby in North Yorkshire where the average age is 25: nine years younger than one of the areas with the oldest first-time buyers, Harrow in London.
And it's not just Selby where the first-time buyer age is significantly below the national average, in Redcar and Cleveland in the North East, Barrow-in-Furness in Cumbria, Bolsover in Derbyshire and South Ribble in Lancashire all have an average first time buyer age of just 26.At a regional level, rather than at local district level, the differences are less stark. The youngest first-time buyers are in the North East, North West, Yorkshire and the Humber, Wales and Scotland all with an average age of 28; the oldest are in London (32) and the South East (31).The youngest first-time buyers in southern England are in Swale in Kent and South Gloucestershire with an average age of 27 in both areas. Bridgend, Rhonda, Caerphilly and Port Talbot in Wales share this average age.Average house prices tend to be relatively low in areas with the youngest first-time buyers. For example, over half of the ten areas with the youngest first time buyers have an average house price 25 percent to 40 percent below the national average. South Gloucestershire is the only area in the top ten where the average house price paid by first-time buyers is above the national average of £135,100.Typically, the areas with the youngest first-time buyers are also areas where housing affordability conditions are the most favourable. Seven of the ten local areas with the youngest buyers have an average house price to average earnings ratio for first time buyers below 4.0. With an average house price of £114,113, Selby has a price to average earnings ratio of 2.9. In Barrow-in-Furness and Bolsover the ratio is 3.0.Unsurprisingly, the areas with the oldest first time buyers are in the south east of England and are mostly in London. Harrow, Barnet, Ealing, Kingston upon Thames, and Three Rivers in Essex all have an average age of 34, the highest in the country.

All these areas have an average house price paid by first-time buyers that is in excess of £224,000 (at least 66 percent higher than the national average) and an average price to average earnings ratio above 4.0. The youngest buyers in the capital are in Hackney with an average age of 30.The average age of a first time buyer has remained remarkably stable over time. In 1983, when Halifax records began, it was 28, just a year younger than today. An increasing number of first time buyers, however, now require financial assistance to raise funds for a deposit. The Council of Mortgage Lender estimate that 84 percent of first time buyers under 30 had help with their deposit in 2010 compared with only 38 percent in 2005.

Source : http://money.aol.co.uk/2011/09/24/youngest-first-time-buyers-are-in-the-north-of-england/

Source article

Original article - here

http://www.reuters.com/article/2011/07/06/britain-halifax-idUSL6E7I60SS20110706

HOME-hunters in the UK overspent by a staggering £3.7 billion last year, according to research from TV property gurus Kirstie Allsopp and Phil Spencer.

The budget blowout comes despite falling prices and what should be a buyers’ market.
The survey of 2,000 homebuyers revealed that 49 per cent overspend to the tune of more than £10,000 on average.

For one in 10 homebuyers the situation is even more extreme, with an additional spend of up to £50,000.
Some 2 per cent of buyers topped the scales with a £100,000 overspend.
One in five splurge on a property because they get caught up in the excitement of the moment and one in 10 do not factor in the cosmetic work required to make their new house a home.

"The survey of 2,000 homebuyers revealed that 49 per cent overspend to the tune of more than £10,000"

A similar number are caught out by the level of legal and estate agent fees they need to build into their buying budget. Stamp duty also catches many out, with 58 per cent of house-hunters saying they don’t know how much they have to pay.
Allsopp said: “With house prices as low as they are at present, it should be a buyers’ market. So it’s worrying to hear how many people are spending too much either because they’re not striking a deal or because they’re not on top of their finances.”

http://www.express.co.uk/posts/view/256417/House-hunters-splash-the-cash-with-3-7bn-overspend

Original article

ORIGINAL ARTICLE