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.
What could you do with £23,000?
It has been revealed that the average home across the UK has lost £23,000 in value over the last 12 months. However, with many observers forecasting harder times ahead for the property market it seems as though this figure may grow substantially unless we see a major turnaround in the economy.
Many people will be shocked to learn the true extent of the UK fall off because figures...
Will The Housing Market Ever be Affordable To First Time Buyers?
The last decade has seen a massive increase in the cost of UK homes and even though prices are under some pressure at the moment, many first time buyers are still affectively locked out of the market because of high prices. This begs the question as to whether first time buyers of the future will be able to acquire their homes in the traditional manner or will they need assistance from the author...Read More
Persimmon sets the foundations for recovery
Leading UK homebuilder Persimmon has today given homeowners up and down the UK food for thought after suggesting that house prices were stabilising and the company itself does not plan to issue any more write-downs on its land bank. While the issue of house prices will not come as a major surprise to many people, it is the intention of the group not to write down the value of its land bank in the...Read More
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
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...