UK house prices are falling, reports Joe Curtis for City AM. Halifax’s data shows that prices declined for the fourth month in a row in June, the longest losing streak since 2010. That came despite a sharp recovery in market activity last month, with new mortgage enquiries up by 100% since May. Last week Nationwide reported that British house prices fell on an annual basis for the first time in eight years in June. Still, the 0.1% setback will hardly leave anyone with negative equity.
Yet some corners of the property market are positively frenetic, says James Pickford in the Financial Times. Property site Zoopla reported last month that sales are 4% higher than before the pandemic, while asking prices are up by 7% on the year. The optimism looks misplaced, but even if property takes a turn for the worse the crash is unlikely to be as bad as previous slumps thanks to tighter lending conditions, the decline of buy-to-let and the greater prevalence of fixed-rate mortgages.
“Covid-19 refugees” are fleeing London, sparking a boom at the top end of the rural housing market, says Melissa Lawford in The Daily Telegraph. Some houses are going for “as much as 17% over asking price” because of bidding wars. Yet estate agents are sceptical that the rural property boom can continue. This looks like a “bubble”, says buying agent Jess Simpson, but “the general feeling is this frenzy will peter out in the autumn”.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
How to do a mid-retirement MOTYou may have heard of a midlife MOT, but experts say a mid-retirement MOT is also essential to ensure your finances are on track and your pension savings last as long as you do
-
Burberry’s share price surges despite collapsing profits and job cuts announcementBurberry’s share price has soared, despite collapsing profits and around 1,700 jobs potentially set to be cut, as markets assess the turnaround plan’s effectiveness
-
Greg Abel: Warren Buffett’s heir takes the throneGreg Abel is considered a safe pair of hands as he takes centre stage at Berkshire Hathaway. But he arrives after one of the hardest acts to follow in investment history, Warren Buffett. Can he thrive?
-
Who will be the next Warren Buffett?Opinion There won’t be another Warren Buffett. Times have changed, and the opportunities are no longer there, says Matthew Lynn.
-
Will Comstock crash – or soar?Opinion The upside for Comstock, a solar panel-recycling and biomass-refining group, dwarfs the downside, says Dominic Frisby.
-
'As AGMs go digital, firms must offer a new form of scrutiny for shareholders'Opinion Technology has rendered big AGM meet-ups obsolete, but the board still needs to be held to account, says Matthew Lynn
-
Unilever braces for inflation amid tariff uncertainty – what does it mean for investors?Consumer-goods giant Unilever has made steady progress simplifying its operations. Will tariffs now cause turbulence?
-
Two ways to tap into monopoly profits from airportsMost investors can’t get their hands on airports. Here are two ways you can
-
Fat profits: should you invest in weight-loss drugs?The latest weight-loss treatments could transform public health and the world economy. Should you invest?
-
How investors could profit from Ramsden Holdings' four-part growth strategyRamsdens Holdings offers a diversified set of financial and retail services and a juicy yield, says Dr Michael Tubbs
