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 doubt that the hard-hitting press headlines regarding the UK economy and a potential double dip recession have upset many people. Just when the vast majority of households in the UK began to see light at the end of the tunnel the UK government stepped in with significant budget cuts and tax increases in the short-term. As a consequence, and bearing in mind that the global economy is beginning to struggle, more people are now looking to sell their property at a lower price than they may have achieved just weeks ago, with buyers now very much in the ascendancy.
Liquidity issues within the UK mortgage market are also causing concern with many first-time buyers effectively priced out of the market due to the need for a significant deposit. Until this situation changes we are likely to see further downward pressure with more and more buyers holding back or pushing for "unrealistic prices".
Persimmon Calls For Government Assistance NOW
Persimmon is the latest house builder to call on the government to intervene in the mortgage market as soon as possible after announcing pre-tax profits which were down two thirds on the same period last year. But what can the industry expect from the authorities?
As we have covered on this site over the last few months the UK government seemed to be on the verge of announcing a nu...
When is the right time to remortgage your property?
As more and more UK homeowners struggle to make ends meet a number of people are looking at the opportunity of possibly remortgaging their home. As UK base rates continue to fall further, with some suggesting that rates could fall to around 0%, is now the best time to remortgage your home?
It has to be said that with base rates under 1% and possibly set to fall further in the short...
5m Expected To Join Social Housing List
As the credit crunch continues to impact upon a range of areas of the UK economy it seems that the demand for social housing is set to mushroom over the next five year. The Local Government Association believe that the current problems in the UK property market will see the social housing waiting list pushed up to 5 million causing a massive strain on local authority budgets. While the above s...Read More
Rental market rises, Rics claims
Homeowners are giving up on trying to sell their properties - and are instead turning them over to the rental market.According to latest figures from the Royal Institution of Chartered Surveyors (Rics), 43 per cent more of its members reported that more people are asking them to help them become landlords from April to June.Over January to March, this figure stood at just 35 per cent.Additionally,...Read More
Another day another property report
As the future direction of the UK property market comes under ever closer scrutiny they were reports disclosed this week which indicated a potential rise in property prices by the end of 2009 and a 25% fall in like-for-like mortgage approvals in March. These figures would appear to indicate significantly different outcomes in the short to medium term but many investors still continue to cling on t...Read More