How can first-time buyers climb onto the property ladder?
A report yesterday suggested that the UK is fast becoming a property rental economy rather than a property purchase economy, something which has been in place for many decades. There are now great concerns that first-time buyers are effectively being priced out that the UK property market due to an increase in property prices and a lack of liquidity in the mortgage market. So how can first-time buyers climb onto the property ladder?
There are many different options available for first-time buyers although unfortunately they either mean years of saving or some form of shared equity with a housing association or other third party. At this point in time even the average UK house price is well beyond the means of many first-time buyers and even if property prices come down, there may be a reduction in liquidity in the mortgage market which will again block their route to entry.
It is ironic that the UK situation has now turned full circle in direct contrast to the US situation where many people had preferred to rent rather than buy. There is very little assistance that the UK government can offer in the short to medium term and ultimately first-time buyers are now at the beck and call of market forces.
UK government launches landlord feedback system
The UK government has today launched a new initiative which will allow tenants to post feedback on their landlords on a new online forum. There will also be a new hotline offering advice to tenants as well as a National Landlord Register which will allow prospective tenants to see how quickly their prospective landlords fix problems and how well their properties are maintained. While there is n...Read More
Are we in danger of talking down the UK property sector?
Despite the fact that the UK property sector has probably performed better than 99% of analysts had expected in 2009, the recent press has been full of stories about price falls in 2010 and a drop in demand. There is the potential to actually talk ourselves into a property decline in the short term which could prove catastrophic in the short to medium term. Even though it is obvious from the fi...Read More
Report Suggests Exams For Estate Agents
While the fearsome reputation of estate agents of the past may not fully reflect the more structured approach to the industry of today, a new report suggests that it is time for estate agents to sit exams before they are able to work in the industry. Surprisingly it seems that currently anyone can work as an estate agent and start selling to the public without a single relevant qualification - a...Read More
Is Minerva now in play?
A 50p a share cash offer for UK property company Minerva has certainly put the cat amongst the pigeons in the UK property sector. Only 16 months ago the company was flying high attempting to fight off a £1.60 share cash bid which ultimately fell through. However, since then the company has struggled and the shares have been as low as six pence during this very difficult economic period in the UK....Read More
Property downturn starts to hit the middle classes
While there has been no hiding place for any homeowners across the UK the middle class professionals markers is one which appeared to be less affected in the early months of the economic slowdown. However a poll today reveals that 2 out of 5 middle-class professionals are seriously concerned that they will fall behind on their mortgage payments in 2009. The fact that many of these high earners hav...Read More