Ed Stansfield News
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U.K. Chancellor of the Exchequer George Osborne is taking a leaf from the U.S. playbook in expanding government help to homebuyers to stoke the country’s sagging recovery.
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U.K. commercial property values probably will fall by 4.9 percent next year as the European debt crisis and concern that Britain may slip back into recession hurts demand for assets in all but the best locations.
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Britons repaid more mortgage debt than they borrowed in May for the first time in at least 15 years as consumers sought to improve their finances, the British Bankers’ Association said.
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U.K. house prices fell in September and will at best stagnate over the next year as a weak labor market undermines confidence, Nationwide Building Society said.
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U.K. house prices fell for a third month in four in February and retail sales declined as economic uncertainty weighed on Britons’ spending.
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Evan Hillier knew his ambition to own a home would mean years of saving. With his job threatened by U.K. government spending cuts, it may now be impossible.
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U.K. house prices will fall through 2012 as the deepest public-spending cuts since World War II and tighter credit conditions deter potential buyers, Capital Economics Ltd. said.
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U.K. homebuilders reacted to the financial crisis by switching from apartments to single-family homes. After a year, the shift is paying off in rising profit margins, helping companies overcome a weakening property market.
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U.K. home prices will fall next year, extending a decline that began in the third quarter, as mortgage restrictions and government spending cuts discourage buyers, a Bloomberg News survey showed.
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U.K. house prices rose to the highest in almost two years in May and may keep climbing because of the lack of properties for sale, Nationwide Building Society said.
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