House price rises realise bubble fears, says economist

Economics professor says three-quarters of properties in the UK are overvalued, as Zoopla reports property price growth across the country. 

The average UK home has seen its value rise by £10,329 over the past year, or by £28.30 a day, according to figures from property search engine Zoopla.

This follows research from a leading economics professor that around three-quarters of properties in the UK are overvalued, with a 93% probability that London is already in the grip of a house price "bubble".

"The results raise the risk – although not the certainty – that house prices will fall," said professor James Mitchell, the head of economic modelling and forecasting at Warwick Business School. "But a bubble it appears to be, and we should all – householders, business people and policymakers alike – be alert to this risk."

More: The Guardian

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UK house prices climb 0.4% in August: survey

British house prices rose in August for the seventh month in a row, as buyers returned to the market with the help of government-backed schemes, a survey showed on Friday.

Prices rose by 0.4 percent in August from July, according to data from home-loans provider Halifax. The data covers all categories of homes including apartments.

Halifax, which is part of state-rescued Lloyds Banking Group (LSE: LLOY.L - news) , added that prices rallied 5.4 percent in the three months to August compared with a year earlier. 

That was the biggest annual increase since June 2010.

The average price of a home in Britain meanwhile stood at £170,231 ($265,515, 202,324 euros) in August.

"Economic improvement and low interest rates, supported by official schemes such as Funding for Lending and Help to Buy, appear to have boosted housing demand in recent months," said Halifax housing economist Martin Ellis.

"Nonetheless, relatively modest economic growth and below inflation rises in earnings are likely to act as a brake on the market.

"Overall, house prices are expected to rise gradually over the remainder of the year."

uk.news.yahoo.com

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Rental prices in London

The cost of renting house in London has rocketed eight times faster than wages over the past year. There is still demand for homes across the capital from couples and families unable to afford to buy.

News | London | Standard.co.uk

House asking prices reach new high

House sellers’ asking prices have soared to a new high, in further signs of confidence returning to the market, a property website has reported.

A 2.1% month-on-month rise pushed average prices to £249,841 this month, with new record prices set in London, the South East and East Anglia, according to Right Move.

This has been the strongest start to the year since 2004 in terms of asking prices, with average prices rising by 9.1% or more than £20,000 in 2013 so far, the website said.

Press Association  http://uk.news.yahoo.com

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The most important part of the removal    process is packing personal belongings securely.

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The UK has the smallest homes in Western Europe, as developers undershoot guidelines on space requirements.  

The average newly built one-bedroom home is now just the same size as an Underground carriage. 

This cramped reality amounts to just 46 square metres, and falls 4 square metres short of the recommended minimum, according to research by the Royal Institute of British Architects (Riba).

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