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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 months.

It will come as no surprise to learn that America appears to have suffered amongst the worst in the world with homes down 19.1% over the last 12 months, a significant rise from the 13.4% fall 12 months ago. However, property investment hotspots such as Singapore are really struggling with prices down 21% as international property investors continue to sit on the sidelines with little signs of activity. While the likes of Singapore have performed remarkably well over the last decade or so it is certainly feeling the pinch in line with countries such as the UK.

Many will be surprised to learn the UK is only the 15th worst market out of the 19 countries surveyed with annual declines of 11.3% in property prices over the last 12 months. On the plus side the Economist survey highlights the fact that the UK does not have a significant property inventory problem due to fairly aggressive planning laws which have kept a lid on the number of new builds across the country.

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