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.
What will it take to kickstart the UK property market?
The UK property market is still under serious pressure this evening despite a number of false dawns over the last few weeks and months. With very little follow-through from recent hopeful signs of recovery it seems almost inevitable that the sector will move lower before finally recovering. But what will it take to kickstart the UK property market?
One of the main ingredients for a...
Buyers vs. Sellers – the House Price War
There is set to be something of a standoff over the coming months, as buyers and sellers of houses within the UK lock horns over prices. There is a difference of opinion as to the price of housing from either side, with both seeking to gain as much as possible in the tough economy. This is not good news for the UK housing market, and is likely to further stall sales of houses in the future, ac...Read More
First-time buyers shunning parental help
First-time buyers are now less and less inclined to ask for parental help, according to a new report. The survey from the Abbey First Time Buyer Unit found that 9.7 per cent of young people surveyed expected financial assistance from their parents - a drop from 23 per cent when a similar survey was conducted six months ago. There was also a decline in the number who expected their parents to act a...Read More
London property sales return to 2007 highs
The number of prime properties - properties costing in excess of £2 million - sales completed in London rose by 105% in March compared to the figure in February. There has been an overall increase of 83% for 2010 so far with each and every estate agent in and around the capital reporting very high demand for properties. As we have mentioned on numerous occasions, there is no doubt that the Lon...Read More
A good salary can ease the step onto the property ladder
A good salary can ease the step onto the property ladderWith reports indicating that salaries are predicted to rise beyond inflation this April, a survey has shown that many first time buyers will rely on this money to get onto the property ladder.According to a survey by the Homebuyer Show, the majority - 39 per cent - of first time buyers said that they were most likely to use this increase in i...Read More