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UK residential property prices decreased by 0.3% on average in the year to November 2011 compared with an annual decrease of 0.4% in the previous month, according to the latest data from the department of Communities and Local Government published today (Tuesday 17 January).

But prices for new properties were 7.7% higher on average than a year earlier whilst prices for pre-owned dwellings decreased by 0.9%. The seasonally adjusted index was 5.5% below the recent peak of April 2008 and 9.8% above the recent trough of April 2009.

During the year to November average house prices decreased in England by 0.1%, in Wales by 1.6%, in Scotland by 0.8% and in Northern Ireland by 11.7%.

Average house prices decreased in six of the nine English regions over the year to November 2011. The largest decrease was in the North West, down 3.3%, while the smallest was in the South East, ...

House purchase lending in the UK in November experienced a year on year rise for only the second time in 2011, according to the latest figures published today (Monday 16 January) by the Council of Mortgage Lenders.

Loans for house purchase totalled 47,000, worth £6.9 billion, in November, a 4% rise from October and a 3% rise compared to November 2010. Remortgaging also increased. There were 31,200 loans worth £4 billion, up from 29,500 worth £3.7 billion in October and 30,700 worth £3.8 billion the previous November.

The figures also show that first time buyers took out 17,300 loans, worth £2.1 billion in November, up 4% by volume and 5% by value compared to both October 2011 and November 2010. Home mover loans increased by 5% in volume and 4% in v...

Interest in buying is strong in the first few weeks of 2012 in the UK despite a lack of mortgage finance, though the willingness or ability of new sellers to come to market remains weak, according to the first Rightmove report of the year published today (Monday 16 January).

Search activity during the first 10 days of 2012 reached new record heights, up by 27% on the same period in 2011, as prospective movers intensively research the market. However, they are faced with the lowest level of new supply per estate agency branch that Rightmove has ever recorded, an average of less than one new listing per branch per week.

‘Old records are being shattered as search activity is up by a staggering 27% on this time last year. Potential buyers and sellers are looking more often and rese...

UK country house prices fell 3% in 2011 but scale of change depends on location and price, the latest Knight Frank Prime Country House Index shows.

Prices fell 1.7% in the fourth quarter of 2011 after a 1.2% fall in the previous quarter and the annual decline in prices has widened to 3.1% from 1.7% in quarter three.

But prices of properties worth more than £5 million are still rising, up 0.2% on the quarter and 1.2% on the year and overall prices are 3% higher than the post credit crunch low in June 2009.

The Home Counties market has been the most resilient, down 1% on the year, compared to a 10% decline in the North West while sales volumes are flat on the year but applicant volumes are up 11%.

‘Despite recent headline price falls, there are marked difference...

The student accommodation property investment sector in the UK saw strong demand in 2011 and that is likely to carry on into 2012, according to new reports from two leading real estate consultants.

Strong demand and undersupply will see student accommodation remain one of the UK's best property investments, according to the latest Student Property Report from Knight Frank.

This comes as new research from CBRE shows that nearly £840 million of capital was committed to investment and development in the student accommodation sector in 2011, more than double the £350 million allocated to the sector in the whole of 2009.

The Knight Frank report shows that total student accommodation returns almost doubled in London to 15.1% in September 2011, taking average total ret...

Ambitious plans for an extra 459,000 square meters of development at the prestigious MedicaCityUK site with the ultimate aim of creating a new town centre for Salford Quays have been unveiled.

The Peel Group is seeking outline planning permission for the project which would take place over the next 20 years on the site that lies immediately to the east of the existing MediaCityUK complex and is bound by South Langworthy Road, Broadway and The Quays, extending to a total of just over 10 hectares.

The proposed development, which is expected to be delivered in four phases and will complement the existing site, it says, consisting of 212,000 square meters of offices, 95,000 square meters of residential, 26,000 square meters of hotel, 8,000 square meters of retail, 2.500 square meters of ...

While the mainstream property lending market in Australia is recovering from slow growth last year, the new homes sector remains soft, according to the latest housing finance figures for November 2011.

‘There is a modest revival underway in the established lending market which now extends to five rises in six months,’ said Harley Dale, chief economist at the Housing Industry Association, the voice of Australia’s residential building industry.

The combined number of loans for construction/purchase of a new dwelling was effectively flat in November 2011, up just 0.3% and is down by 8% when compared to the same month in 2010.

Over the three months to November 2011 the total number of first home buyer loans was 19% higher when compared to the same peri...

An estimated 531,000 home sales in the UK fell through in the final months of 2011 but now an new online game has been launched where buyers can vent their anger on property professionals by firing them at buildings.

The Angry Buyers game, launched by Channel Four property presenter Phil Spencer, means people who are fed up with estate agents, property lawyers and mortgage brokers can have some fun.

But the game, created by online conveyancers, also gives people the chance to get their rent or mortgage paid for six months.

It also aims to highlight the sheer number of sales that fall through, often due to poor service and lack of available finance.

‘With more than half a million property deals falling through at the end of last year primarily due t...

Falling occupier demand and increasing availability drove down commercial property rental expectations in the final quarter of 2011, according to the latest UK Commercial Market Survey from the Royal Institution of Chartered Surveyors.

Overall tenant demand continued to fall in the final three months of the year, with 13% more surveyors reporting decreases rather than increases in interest from prospective tenants. Notably, demand for commercial space in the capital also began to waiver for the first time in over a year, as London office space saw a notable downturn to a net balance of -19 per cent from +5%.

With demand falling back, in turn, overall availability continued to increase with a net balance of +16% of chartered surveyors reporting increases in vacant floor space. Retail ...

The abolition of transfer fees will save buyers thousands of pounds off a new property in Cyprus under a change in Cypriot law.

The change, which last for six months only, allows those who pay VAT when buying a property to avoid transfer tax, saving up to 8% on its value. Those who do not pay VAT on their property will save 50% on the transfer fee.

Traditionally Cypriot law requires a buyer to pay a property transfer fee at completion but, in a bid to stimulate growth in the island’s property market, the fees have been waived until June 2012.

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