Sim Property Group
One-stop shop for your property
Czech Republic, Poland, Slovakia & Bulgaria
русский Български Połysk česky English


PROPERTY NEWS
* CZ: Avoid mortgage redemption penalties
* CZ: When to consider QNUPS
* CZ: Prague Property Market
* CZ: Zack Crichton Prague
* CZ: 39% less mortgages
* CZ: Ocro loss up
* CZ: Flat construction down
* CZ: German fund buys Prague office
* CZ: Land registry numbers fall
* CZ: Prices stop falling
* CZ: Prague Hotel revenue lower
* CZ: Market in the middle
* PL: Next property boom
* CZ: House prices fall Q2 09
* CZ: Central Group profit up
* CZ: Homes sell for less
* CZ: MPs against foreign buyers
* CZ: Panelak prices fall
* PL: Polish prices fall
* CZ: Prague expensive in V4
* CZ: Buyers market
* CZ: Property shells
* SK: Slovak market falls
* CZ: Rent deregulation extension
* CZ: Karlovo Namesti overhaul
* CZ: Orco seeks protection
* CZ: ECM REI loss 2008
* CZ: Developers expand
* CZ: Orco shakeup
* CZ: PFF-ECM property group
* CZ: Building output grows
* CZ: New home starts fall
* CZ: Bank cuts base rate
* CZ: Prague prices fall
* CZ: Developers divide Rohanksy
* CZ: Property market tough times
* CZ: Senior housing
* CZ: Copa Centrum Prague
* CZ: ECM REI makes loss
* UK: Home repossessions rise
* CZ: Czech rents rise
* CZ: Property price growth slows
* CZ: Holesovice Brewery completion
* UK: House sales slump 53%
* CZ: Prague's city within a city
* CZ: Mortgage demand falls slightly
* UK: House prices fall 1.3% September
* CZ: Brno grows a Manhattan
* RO: Bucharest construction boom
* CZ: Czech housing funds
* PL: Dom development in Wroclaw
* CZ: Brno get highest Czech building
* CZ: Rents rise by 50% in some towns
* UK: House price falls accelerating
* CZ: Hourly wage up 41%
* CZ: AFI & Satpo post loss
* CZ: ECM issues more shares
* UK: House prices fall 10.5%
* CZ: Interest rates down to 3.5%
* CZ: Some cities go down with rents
* CZ: Regulated rents rise steeply
* CZ: Orco 3bn euro project
* CZ: Building output up 2% in April
* CZ: New district in Prague
* US: No pick-up for US housing
* CZ: Tourist numbers up 10.5%
* US: Homes best bargin since 04
* UK: Taylor Wimpey close 13 offices
* US: California sales up 22%
* US: Construction picks up in April
* CZ: M&M reality doubles turnover in 07
* CZ: Building output slows 0.8% March
* CZ: Builders finish 9.8% more homes
* UK: Mortgage lending hits 33-year low
* UK: Redrow downbeat on market
* CZ: Immorent CR lays cornerstone
* UK: Repossession orders climb by 17%
* CZ: Three bidders for Rohansky ostrov
* UK: Halifax confirms price fall
* UK: Prices down 1% y-on-y
* US: House prices show steep fall
* UK: Prices slow down
* CZ: J&T to invest 90bn
* US: Home sales at 16yr low
* CZ: ING profits up 44%
* US: Prices continue to fall
* CZ: Prices grow fatest in Ostrava
* US: Manhattan prices defy trend
* CZ: Property seizures up
* CZ: Central Park Praha
* CZ: Volksbank profit up 80%
* UK: Housing gloom
* CZ: Building output up 11.5%
* CZ: Building societies loan CZK 17.5bn
* CZ: Land speculation blossoms
* UK: Warnings over mortgage lending
* US: Foreclosure bill passed
* CZ: Finep start huge Prague project
* US: Further house price falls
* UK: House prices drop sharply
* UK: Abbey pulls 100% mortgages
* CZ: Inflation & Unemployment down
* US: Rust belt put on housing bill
* US: Late payments at record high
* CZ: HSBC courts Czech millionaires
* CZ: Czech rates stay at 3.75%
* CZ: UK Mortgage squeeze to get worse
* CZ: Czech managers 34th best paid
* CZ: Manhattan prices reach record
* CZ: Rich Czech's flood Sumava
* CZ: Czechs buy record airline tickets
* CZ: Raiffeisenbank, eBanka profits up
* CZ: Czech Banks profits up 24%
* CZ: ECM profits exceed expectations
* CZ: Record CZ income tax revenue
* CZ: Internet Ad spending up 70%
* CZ: Orco profits up to 3bn CZK
* CZ: ECM profits up 28%
* CZ: Skoda sales up 39%
* CZ: Developer VGP 2007 profits treble
* CZ: Brno get ratings up grade
* CZ: Record CZ card payment growth
* CZ: GDP at 82% of EU level
* CZ: Allianz net profit soars 54%
* CZ: Guests at luxury hotels up 11%
* CZ: Current account CZK 4.8bn surplus
* CZ: Foreigners boost accommodation
* CZ: Tourism revenues rise 7.3% in 07
* CZ: Wages rise 7.3% in 07
* CZ: Car sales rise 13% in Feb
* CZ: ECM trebles profit
* CZ: Firms pay av wages over 100,000
* CZ: Prague Europe's 3rd best retail city
* CZ: Cesk nets CZK 12.15bn in 07
* CZ: Czechs demand better facilities
* CZ: Demand for homes still high
* CZ: Komercni Banka profits up 21%
* CZ: Staff in car industry up at 124,000
* CZ: Banks compete for millionaires
* CZ: Bonatrans Group sales up 17% 07
* CZ: Koreans to invest billions of CZK
* CZ: Austria's VIG comes to Prague
* CZ: KB's net profit up at 10.8bn 07
* CZ: Telefnica O2's 07 profit 9.5bn
* CZ: Prague Household debt tops 900bn
* CZ: Prague skyscrappers
* CZ: Tourist numbers up 3.8%
* CZ: CZK 10bn spend by Hyundai
* CZ: Prague Houses on Letna plain
* CZ: Prague 38% uplift in homes 07
* CZ: Prague 12th richest region in EU
* CZ: eBay comes to Prague
     


International Property News



UK house prices fall 1.3% in September 08


9th Oct 2008

UK house prices registered a 1.3% fall in September, according to the Halifax.

The lender said the drop meant the annual fall now stood at 12.4%, with the cost of the average home in the UK now at 172,108.

It joined the Nationwide in claiming that the rate of decline was starting to stabilise when looking at three-month comparison figures.

But it said the state of the market would remain "challenging" as mortgage availability was still tight.

The annual rate is calculated using a comparison of the past three months compared with the same three months a year ago, aiming to cut out any short-term volatility.

When comparing prices in just September with the same month the previous year, the drop in prices reaches 13.3%, the biggest recorded by the Halifax.

September was the eighth consecutive month that prices fell compared with the previous month.

Rate cut

The average price of a UK home is close to that seen in January 2006.

"The ongoing pressures on householders' income, combined with the reduction in the availability of mortgage finance mean that market conditions will remain challenging," said Martin Ellis, chief economist at the Halifax.

But he welcomed the move by the Bank of England's Monetary Policy Committee to cut interest rates by half a percentage point to 4.5% on Wednesday.

"Lower interest rates will help mortgage borrowers faced with increasing pressures on their finances and provide a valuable support to the housing market," Mr Ellis said.

Stabilising?

Prices declined by 5.2% in the third quarter of the year, close to the 5.1% fall of the previous three months. This was evidence that the pace of decline was stabilising, Mr Ellis said.

But with food and fuel prices having risen over the last year, and wages failing to keep up with the increase, households had less discretionary income.

"The resulting pinch on incomes, combined with the high level of average house prices in relation to earnings, has made it difficult for potential house purchasers to enter the market," he said.

Others agreed that the pace of decline could stabilise soon.

The year-on-year falls in house prices should hit a maximum of 15% next month and fall no further, according to Ray Boulger, of mortgage brokers John Charcol.

Prices were still rising up to October last year, before the effect of the credit crunch hit. As a result the year-on-year comparisons have been striking in recent months, he said. He said the Halifax figures were "not surprising".

But Howard Archer, chief UK and European economist at Global Insight, said he expected house price falls to continue.

"Faster rising unemployment, heightened concerns over the economic outlook and widespread expectations that house prices will continue to fall markedly seem set to depress housing market activity and prices for some considerable time to come," he said.

Banks hesitant

Despite hopes that Wednesday's rate cut will spur lending and boost the housing market, banks have been slow to pass on previous rate cuts to new and existing borrowers, as they continue to scale back lending.

The latest Bank of England figures show the average mortgage rate paid by new borrowers rose from 5.88% in August 2007 to 6.1% in August 2008 despite a three-quarters of a percentage drop in the Bank rate over the same period.

The average mortgage rate for those with existing mortgages has dropped from 5.91% in August 2007 to 5.83% to August 2008, although it has fluctuated during the year.

These cuts made by the Bank of England's Monetary Policy Committee have benefited existing borrowers, mainly those on tracker rates.

Earlier this month, the Royal Institution of Chartered Surveyors reported that completed property sales in August were 47% lower than in the same month a year ago.

Source: BBC News
Sim Property Live Chat