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 'drop 2.6%'
Halifax announced today that UK house prices have fallen again.According to the lender's latest monthly index, the value of the average home stood at around £164,000 in November.This is 14.9 per cent down on November 2007 and 2.6 per cent down on October 2008.Martin Ellis, chief economist at Halifax, suggested that the credit crunch and economic slowdown were big factors behind the continuing dow...Read More
UK home repossessions climb yet higher
As the number of homes repossessed in the UK continues to increase, the Council of Mortgage Lenders (CML) today revealed that 12,800 homes were repossessed in the first three months of 2009. While this was an increase of 23% on the previous quarter the like-for-like increase on the same period last year is a massive 50% as the UK property market continues to struggle.
More Promise Of Good Times For First Time Buyers
In a move which is more headline grabbing than practical, the government has announced a new scheme to ease the pressure on first time buyers. The scheme will involve those who qualify paying reduced rent on a property while they save up a deposit to buy in the future. Once they have saved for the deposit they will then be able to buy a share in the property, starting at 25% which can then be ad...Read More
Minister calls for an end to the boom and bust UK property market
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Is a home still a good investment longer term?
While what you may be considering will depend upon your own circumstances, more and more people are starting to question the long term advantages of owning your own home against the rental market. Is it still worthwhile putting your money into bricks and mortar?
This is a question which is now being asked all around the world as property markets come crashing down and millions are...