Through the day we get updates and press releases from property finance publications and various trade bodies.
On Tuesday (18th September) The Building Societies Association (BSA) reported “unwavering consumer confidence” within the housing market.
They went on to explain that their report is the first look at the public’s view on residential property purchases. Unsurprisingly the report found that most people (88%) were buying a property because they wanted to own their own home (duh!). The headline from the report was that the housing market is in good shape.
However, last Friday (14th September) the RICS report for August had a completely different take on the situation. They were reporting that more of their members had seen a fall in house prices that had seen an increase.
It was quite interesting to read two different views of the same market, the consumers expressing confidence and the professionals expressing misgivings- only time will tell who is right.
The on the same day, we see this headline:
UK housing market ‘in trouble’
This time it was the Home Asking Price Index (HAPI) reporting that six out of nice regions in England registered a drop in asking price in September. Although to be honest no one in the office was very sure how reliable any report with the acronyms HAPI should be considered.
The consensus seems to be that we are about to enter an uncertain period in house pricing, apparently the prices may stay the same or possibly go down, if they do neither then they are likely to rise. Clear?