Students force up property prices
Despite the fact that the students of today are often associated with very little income, often spendthrift and looking to save as much money as possible, it seems as though a number of university towns in the UK have benefited from the growing influx of students. Figures in the press this weekend show that students in six out of ten university towns have forced the price of property up by around 30%.
The largest recent increase in property prices was seen in Aberdeen where prices have appreciated by around 40% since 2005, a period which has seen the number of students in the city rise by 54%. This particular pattern has been replicated across many "student cities" in the UK and with more and more people now looking to rent as opposed to buying in the short-term there is potential for the situation to get worse before it gets better.
It will be interesting see how UK mortgage companies react to this new trend which is in direct comparison to the US model where many people are now moving away from the rental market and looking to purchase property. Whether this is a short-term change in the long-term UK trend remains to be seen but there are many reasons as to why it could continue for the foreseeable future.
Buy To Let Market Starts To Shine Again
Even though it seems unlikely that any sector would benefit from the ongoing financial difficulties associated with the property market there are signs that Buy To Let is back on the agenda again. The Royal Institution of Chartered Surveyors has announced that 23% of surveyors have reported increased yields on properties in the first quarter of 2008.
As more and more people are for...
Housing Doom And Gloom Continues
News that house prices in England and Wales fell by an average 1% in June has poured more cold water on hopes of a quick recovery in the sector. The average UK house is now worth just over £180,000 which is a substantial fall from the £200,000 plus level seen last year. This is the 10th monthly fall in prices in a row and there seems no end in sight at the moment.
While 57,507 h...
How can the government use the 762,000 empty homes in the UK?
As repossession levels look set to hit record levels across the UK there is concern that over 762,000 UK homes are empty and unused at this moment in time. The figure contains a number of repossessed properties and those which have been built but not sold. However, there is some debate as to how the government could legally and morally make use of these empty properties in these troubled times.
UK property market not alone in difficult times
A report by the Economist magazine has thrown further light on the worldwide property sector and highlighted the fact that while the UK property sector is struggling it is by no means alone in the world. The report highlighted that 17 of the 19 major countries surveyed showed significant declines with only Switzerland (+5.3%) and Italy (+1.1%) showing a rise in property prices over the last 12 mon...Read More
House prices squeezed higher
House prices in the UK increased by 1.4% in November due mainly to a lack of homes on the market and rising demand which has squeezed prices upwards. According to Halifax the average house in the UK now costs £167,664 which is a significant rise from the £154,490 the market fell to in April 2009. While house prices are still 1.6% lower than they were 12 months ago there are signs that perhaps th...Read More