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".
Are we seeing a switch to rental arrangements?
As the UK property market remains volatile with various forecasts suggesting an increase over the next four years and others suggesting a potential fall of 25%, it would appear that more and more people are now looking towards the rental market. Landlords in the UK are reporting that not only is demand remaining fairly steady but in fact 35% have seen an increase in demand over the last six months...Read More
BG slashes energy bills
Britain's biggest domestic gas supplier, British Gas (BG), has cut its energy tariffs as the price of wholesale gas continues to fall.Under the price cuts gas prices have fallen by 17 per cent and electricity by 11 per cent while the average annual dual fuel bill will fall by £167 to £953, the energy giant says.The proposal has been seen by some industry experts as an attempt by BG to retain its...Read More
House Price Falls Fastest For 17 Years
A report by the Nationwide has highlighted the fact that house prices are now falling at the fastest rate for over 17 years and the situation does not look as if it will improve in the short term. Prices slumped by 8.1% last year which knocked £15,000 off the average house price across the UK. The average house is now valued at under £170,000 for the first time in a long while. So where do we...Read More
Can the housing market really recover as unemployment rises?
The last couple of days have seen a number of articles in various newspapers regarding the UK property market and the fact that surely it is impossible for property prices to recover with unemployment has yet to peak. On the surface we have seen a number of reports from various organisations which suggested that UK property prices are on the way up, but are these reports really objective?
Squatters becoming an issue in the UK property market
Confirmation that squatters have taken up refuge in a multi-million pound house on The Bishops Avenue in Hamstead, north London has shocked many millionaire neighbours in the area. Apparently the property, which is now derelict, was acquired by a Nigerian couple eight years ago but what has happened since then is something of a mystery.
The three men who are living in the property...