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.
House prices bounce back
House price growth almost doubled in April, new figures from building society Nationwide reveal.Its house price monitor states that monthly growth increased to 0.9 per cent in April from 0.5 per cent last month.As a result the annual rate of growth, which slipped into single figures to 9.3 per cent in March, reached 10.2 per cent in April.Despite the jump Nationwide said the underlying trend remai...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
House prices for first time buyers ‘up 5pc’
The price of a house for a first time buyer has risen 5pc since the summer, according to a report representing data collected by Halifax. This includes a rise of 2pc last month alone, with average prices rising to £125,799. This highlights the increasing struggle that first time buyers face to get on the property ladder, but at the same time the fact that the housing market is gaining in st...Read More
Britons 'clueless' on overseas property laws
Britons considering buying a second home abroad are largely oblivious of the local housing laws that would affect them, a survey has shown.New research claims that 51 per cent of 35- to 44-year-olds would not consider local planning regulations when in the market for an overseas property.Foreign Currency Direct, which carried out today's survey, says that potential second-home buyers are more conc...Read More
House prices 'will fall by 7%'
Almost three in four people expect house prices to fall over the next year, a study shows.The poll, conducted for the Building Societies Association (BSA) by YouGov, also found that the average predicted drop over the year stands at 7.1 per cent.Regionally, Welsh people were found to be the most pessimistic about the property sector - with a 9.1 per cent fall expected.Most positive were those in Y...Read More