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.
False boost to the UK property market revealed
It has been revealed that the number of first-time buyers in the UK hit a two year high last December amid the impending repeal of the stamp duty concession which gave buyers the chance to save up to £1,750 on a purchase. Lenders have revealed that nearly 25,000 mortgages were approved for first-time buyers in December 2009 which was 26% up on November. While these figures may be slightly boosted...Read More
Royal Institution of Chartered Surveyors predicts buoyant 2009
The Royal Institution of Chartered Surveyors (Rics) has this evening suggested that the number of housing transactions in 2009 will show a significant rise over the 2008 figure. However, before homeowners begin to count their lucky stars, there is also a suggestion that house prices themselves will fall by a further 10% in 2009. The expected increase in transaction levels is more a case of bottom...Read More
UK government announces £1 billion house building programme
The UK government has today announced plans for a £1 billion fund to kick-start the many property developments up and down the UK which stalled as the recession took hold. The idea is that up to 20,000 new jobs could be created and around 23,000 new homes introduced to the market. While around 20% of the £1 billion fund available will be dished out in the form of non-repayable grants, the vast m...Read More
Google enters the UK property market
Search engine giant Google has today confirmed that residential property listings will be added to its Google maps service. The company claims that "hundreds of thousands" of homes are already being advertised for sale or rent on the Google maps service which is proving to be one of the more popular initiatives of late. In a rather clever way, which does not alienate any area of the market, Goo...Read More
Is Property Group Mapeley Bucking The Trend?
News that Mapeley Group has managed to buck the trend of the property market has made many investors sit up and take notice but is it really that straight forward?
Firstly it is only right to point out that Mapeley works with government departments and blue chip clients, acquiring their properties and managing assets which have the more dependable tenants on board, an outsourcing gr...