The slump in the housing market continues as some estate agents report selling only one house per weekover the past three months. There are plenty of properties out there to buy and there are plenty of people wanting to buy them. The difficult bit is actually raising the funds to buy a property as mortgage providers continue with their overly cautious outlook on life. (more…)

Sir Win Bischoff, Chairman of Citigroup, expects house prices to fall for the next two years before they begin to stabilise. He believes the impact of the credit crunch and turbulence in the financial markets will continue throughout 2009. And as Sir Bischoff is the head of one of the biggest banks in the world, he is someone we should listen to. (more…)

Today it was the turn of Bovis Homes and Redrow to add to the doom and gloom of the housing sector. Both companies will cut 40% of their workforce which will mean 400 job losses for Bovis, whilst Redrow will shed 550 posts. (more…)

Home owners that are unable to sell their properties and are looking to rent them out instead as a means to cover the mortage are being turned away by estate agents. There has been a flood of properties coming to the market, many with unrealistic rental expectations, and supply is now outstripping demand, particularly in London. This despite the fact that increasing numbers have sold up and opted to rent until the market shows signs of levelling out.

Property investors are taking advantage of the downturn in the housing market by securing discounts of upto 30% on new build homes. Builders have been offering the substantial discounts to investors and property funds who are making multiple purchases of around 20 apartments at a time. Builders fear that the market will worsen further and are looking to offload current stock while possible.