Is the UK turning into a rental economy?
Despite the fact that the first choice for many in the UK property market is to buy a property for the future, there are now signs that more and more people are looking to rent in the short to medium term. The Chartered Institute of Housing has today issued a report suggesting that those on incomes between £12,000 and £25,000 are stuck in between being eligible for social housing and been able to afford their own property.
In what has the potential to become a self-fulfilling prophecy, the fewer people who can afford to acquire their own property the more pressure this will place on the rental market and the more properties will come under the "buy to let" banner. This is despite the fact that many buy-to-let participants have fallen by the wayside after the credit crunch and the worldwide recession. However, there is also the UK phenomenon of a housing shortage which has been ongoing for decades and many people believe is one of the reasons why UK property is so expensive.
Despite the fact that the UK government recently announced a number of incentives for local authorities to build affordable housing this will take some time to kick in and more and more people will be forced to look at renting property before acquiring their own property in years to come.
Location links to the price of your house
Official statistics on property prices have presented some areas of the UK rising in value, with others falling. London homes are rising fastest in value, up 4.9% in the past year, compared to a national average of 1.4%. Prices in the North West of England dropped 1.3% (Office for National Statistics). Northern Ireland showed the largest drop, down 8.1% over the year, Wales and Scotland also pr...Read More
Is the UK house price recovery over?
The significant reduction in the speed at which UK house prices have been rising, confirmed by the 0.1% increase in June, is beginning to concern many in the UK property arena. While only a few months ago a number of analysts stepped forward with concerns about the potential for a slowdown in the second half of 2010, in many ways these fears were discounted and ignored. However it does look as tho...Read More
UK government puts aside £388 million for housing projects
The UK government has today confirmed that £388 million has been put aside to provide funding to 115 private sector housing projects in England. The "Kickstart scheme" has begun with a £62 million payment to an array of private sector developers who had been caught short by the recession and were forced to mothball some of their developments. So what does this mean for the industry?
The house price quandary goes on
Official figures from the Land Registry have today cast doubt on the expected recovery in UK property market. Despite a number of reports showing a positive return on house prices in May the figures from the Land Registry show a further fall of 0.2% to an average across the UK of £152,497. While the reduction in prices is the same as that seen in April it is significantly lower than the 0.5% fall...Read More
Homeowners spend £1.8bn on wet feet
Water leaks within the home are costing British homeowners a total of £1.8 billion a year, according to new figures.Data from Halifax Home Insurance suggested that around 3.3 million households across the country are affected by water leaks each year, including leaking showers, taps left running, burst water tanks and pipes, leaking dishwashers and flooding washing machines.Washing machines are t...Read More