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14-09-2013, 09:52 PM
No wonder Singapore property investors are turning to Canada...
UK house prices hit record on London property surge
LONDON — House prices in the United Kingdom rose to a record last month as government measures boosted demand and London’s property market continued to surge, research and analysis firm Acadametrics said, but there are mounting concerns a bubble may be brewing.
Values increased 0.4 per cent from July to an average £233,776 (S$468,675), Acadametrics and LSL Property Services said in a report yesterday. In London, prices have risen 40 per cent from their trough in April 2009, compared with 16 per cent nationally.
“The property market has turned over a new leaf after years of restrained activity,” said Mr Richard Sexton, Director of LSL chartered surveyors unit e.surv. “The government has been pivotal in providing the aid that the market has been craving for many years.”
Acadametrics estimates that completed housing transactions exceeded 70,000 in August for a second month. That would mark the first time that sales over two consecutive months have been above that level since November-December 2007, when transactions were 104,486 and 84,524.
The figures echo other data from UK bank Halifax and LSL this week that show property values rising at their fastest rate for three years and first-time buyers at a six-year high.
Efforts by the government to support the property market include last year’s Funding for Lending scheme, which has helped to cut mortgage costs, and the Help to Buy scheme, which allows people to purchase a home with a deposit of as little as 5 per cent of the value of the property.
There are, however, critics of the scheme, including the International Monetary Fund, which has warned it could create a new house price bubble.
But the Bank of England has downplayed speculation that a bubble may be brewing, with Governor Mark Carney saying on Thursday that, while the market is improving, activity levels, mortgage applications and valuations are still low.
He also said that prices will continue to increase, and that the Financial Policy Committee of the central bank will be “vigilant”.
The Royal Institution of Chartered Surveyors said yesterday that the committee should limit annual house price increases to 5 per cent to prevent another property bubble. This could be implemented by capping loan-to-value ratios, mortgage durations or limiting the amount banks are allowed to lend, it said. Agencies
http://www.todayonline.com/business/uk-h...erty-surge
UK house prices hit record on London property surge
LONDON — House prices in the United Kingdom rose to a record last month as government measures boosted demand and London’s property market continued to surge, research and analysis firm Acadametrics said, but there are mounting concerns a bubble may be brewing.
Values increased 0.4 per cent from July to an average £233,776 (S$468,675), Acadametrics and LSL Property Services said in a report yesterday. In London, prices have risen 40 per cent from their trough in April 2009, compared with 16 per cent nationally.
“The property market has turned over a new leaf after years of restrained activity,” said Mr Richard Sexton, Director of LSL chartered surveyors unit e.surv. “The government has been pivotal in providing the aid that the market has been craving for many years.”
Acadametrics estimates that completed housing transactions exceeded 70,000 in August for a second month. That would mark the first time that sales over two consecutive months have been above that level since November-December 2007, when transactions were 104,486 and 84,524.
The figures echo other data from UK bank Halifax and LSL this week that show property values rising at their fastest rate for three years and first-time buyers at a six-year high.
Efforts by the government to support the property market include last year’s Funding for Lending scheme, which has helped to cut mortgage costs, and the Help to Buy scheme, which allows people to purchase a home with a deposit of as little as 5 per cent of the value of the property.
There are, however, critics of the scheme, including the International Monetary Fund, which has warned it could create a new house price bubble.
But the Bank of England has downplayed speculation that a bubble may be brewing, with Governor Mark Carney saying on Thursday that, while the market is improving, activity levels, mortgage applications and valuations are still low.
He also said that prices will continue to increase, and that the Financial Policy Committee of the central bank will be “vigilant”.
The Royal Institution of Chartered Surveyors said yesterday that the committee should limit annual house price increases to 5 per cent to prevent another property bubble. This could be implemented by capping loan-to-value ratios, mortgage durations or limiting the amount banks are allowed to lend, it said. Agencies
http://www.todayonline.com/business/uk-h...erty-surge
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