It is the increase in UK property prices happening across the board?
While a number of recent surveys have suggested that UK property prices continue to increase it is becoming more and more apparent that price performances in different areas of the country can differ wildly. As ever, it is the South of the UK which is seeing the largest increase in property prices although there are a number of "hotspots" in the Midlands, the North and Scotland.
The truth is that the UK property sector has always been dominated by the South of England and in particular the London market which is in many ways separate from the rest of the UK. Indeed, a number of recent reports have indicated that London property prices are back to levels not seen since the credit crunch only 2 1/2 years, which prompted a financial meltdown around the world.
The UK has for many years been a country based upon property ownership whereas other areas of the world such as America have only just seen the balance swing from renting to property ownership. As a consequence, many people in the UK are suffering enormous losses on their assets and many are now struggling to pay their mortgages and having to accept it "below market prices" for their property in order to allow them to move on.
The UK property market has always been patchy and there will be no variation on this theme in the future.
Share this..
Related stories
Is there oversupply in the UK property market?
A number of property surveys in relation to the UK property market have highlighted the fact that the UK market is moving into an "oversupply" situation. When you also take into account that many buyers are now sitting on the sidelines waiting for prices to fall further, the situation could become worse before it gets better. So why have more people decided to sell their property? There is no d...
Read MoreChristmas comes early for buy to let landlords
A court ruling today has breathed new life into the buy to let sector and opened up the potential for compensation claims which could top £20 million. The case against Foxtons, the well-known London letting agency, resulted in Mr Justice Mann ruling that the company overcharged commission to landlords. Indeed the judge went on to describe Foxtons agreements as "traps and timebombs" which could pr...
Read MoreUK house prices increase in January
The Nationwide report on the UK property sector has highlighted a growing trend which has seen UK house prices increase in value over the last year. A 1.2% increase in the value of property in January, compared to December 2009, brings the total annual increase to 8.6% between January 2009 and January 2010. But what does the future hold for the UK property market? In a move which will surprise...
Read MoreFirst Direct withdraws mortgage deals
First Direct has become the first of the UK's major lenders to withdraw its complete range of mortgage products. In a statement released today, the company announced it was suspending all new lending on a temporary basis. The decision has been taken following a five-fold increase in demand for its products, it is claimed, with analysts attributing the rise in applications to the competitiveness of...
Read MoreLondon on top of the world
Property prices for luxury homes in London exceed those of all other cities in the world, according to estate agent Knight Frank, with the price per square foot of prime properties in the capital averaging out at £2,300.Properties in Belgravia and Knightsbridge cost the most, with an average £3,000 asking price per square foot.Such figures mean that the cost of London's properties exceed those o...
Read More