UK house prices strengthen

Irish investors commercially minded

770,000 people risk losing their homes

London borough tries to bribe tenants to leave town

Quiet month for UK auction market

UK commercial development activity was the least marked for 8 months in August

UK house prices strengthen

Annual UK house price inflation rose by 6% in the year to July, up from 5.2% in the year to June, according to the Department for Communities and Local Government (DCLG)

Property prices led the way in London, with annual price inflation in the capital rising from 5.8% in June to 7.0% in July. The report reveals that the average property in the UK now costs £194,454.

House price inflation in England rose to 5.5% in July, compared with 4.6% in June. In Scotland, house price inflation rose to 9.3% from 8.9%. While in Northern Ireland and Wales prices fell back slightly between June and July. In Northern Ireland the rate fell from 19.1% to 18.3%, while in Wales the rate fell from 8.5% to 7.4%.

Milan Khatri of the Royal Institution of Chartered Surveyors says: "The acceleration in house price inflation... confirms that the property market enjoyed a firm rebound during the summer months."

Irish investors commercially minded

Investors in Ireland are on course to invest over €10bn in commercial property, according to CB Richard Ellis.

The bulk of that money is being spent on the market in the UK, with the CB Richard Ellis figures indicating that Irish investors spent in excess of €3.5bn in the UK during the first six months of 2006 alone.

Caroline McCarthy, director of overseas investment at CB Richard Ellis, said: "In the first six months of 2006, our research indicates that Irish investors completed 83 investment transactions outside of Ireland, of which 60 were focused in the UK. Outside of the UK and Ireland, Irish investors spent over €1bn on commercial investment properties in the first half of 2006, with Spain, Germany, Belgium, Poland and France accounting for the greatest proportions of this spend.

"Forty-seven percent of the transactions completed outside Ireland by Irish investors in the first half of 2006 have comprised of office properties, thirty-three percent have comprised of retail properties, eleven percent industrial properties and nine percent mixed-use properties."

770,000 people risk losing their homes

A shocking new report by Citizens Advice reveals that a staggering 770,000 people missed a mortgage payment in 2005.

With interest rates expected to increase to 5% in November, it would appear that hundreds of thousands of people are genuinely at risk of losing their homes or ruining their credit ratings.

The charity said: "Missing payments on mortgages or secured loans could lead to arrears and possibly, repossession."

London borough tries to bribe tenants to leave town

Westminister Council in London is reportedly offering local council tenants £100,000 to give up their home and leave the borough, due to overcrowding.

A report by the Westminister Housing Commission said: "We recommend enhancing incentives for those in social housing to move away and purchase elsewhere."

Over 26,000 householders would be eligible for the scheme.

Quiet month for UK auction market

The traditionally quieter month of August saw just 42 auctions take place. A total of 591 of the 878 lots offered were sold, equating to a success rate of 67%. These stats were provided by the Essential Information Group.

UK commercial development activity was the least marked for eight months in August

The latest Savills Commercial Development survey reveals that development activity in August expanded further, although the data signalled that although still robust, the rate of growth has eased somewhat of late.

Mat Oakley of Savills' Commercial Research department said: "While it might be trite to comment that a slowdown in the growth of development is inevitable in the summer, our data does show that three out of the last four Augusts have been below average. This month's pick up in expectations should give some comfort that activity will pick up as we enter the autumn."

Key findings for August 2006:

• At 56.3 in August, down from 59.6 in July, the Total Commercial Activity Index indicated a robust expansion of development activity. However, the latest reading was below the survey's long-run average and signalled the least marked increase in 2006 to date. Around 21% of panellists reported growth in August, compared to less than 9% that indicated a decline.
• Growth of private sector commercial activity slowed in August, but remained sharper than that for work on public sector development projects. Although robust, the latest increase in private sector activity was the least marked in the current eight-month period of expansion.
• Commercial property developers reported an expansion of activity in eight of the nine areas of activity monitored in August. The sharpest rates of growth were for refurbishment activity and private sector office development in the latest survey period.
• Higher levels of commercial activity were broad-based across the three geographical areas monitored in August. London was the best performing region, with around one in four panel members indicating a rise in development activity. Meanwhile, the rate of growth across the Rest of the UK eased since July and was the least marked for fifteen months.
• UK commercial constructors were again optimistic that development activity will rise in three months' time, with panel members indicating positive sentiment for the outlook in all three categories monitored in August.