Is there oversupply in the UK property market?
A number of property surveys in relation to the UK property market have highlighted the fact that the UK market is moving into an "oversupply" situation. When you also take into account that many buyers are now sitting on the sidelines waiting for prices to fall further, the situation could become worse before it gets better. So why have more people decided to sell their property?
There is no doubt that the hard-hitting press headlines regarding the UK economy and a potential double dip recession have upset many people. Just when the vast majority of households in the UK began to see light at the end of the tunnel the UK government stepped in with significant budget cuts and tax increases in the short-term. As a consequence, and bearing in mind that the global economy is beginning to struggle, more people are now looking to sell their property at a lower price than they may have achieved just weeks ago, with buyers now very much in the ascendancy.
Liquidity issues within the UK mortgage market are also causing concern with many first-time buyers effectively priced out of the market due to the need for a significant deposit. Until this situation changes we are likely to see further downward pressure with more and more buyers holding back or pushing for "unrealistic prices".
Austerity fears hit UK housing market
Even though the UK government has yet to clarify the vast majority of proposed cost savings from the public sector budget there is no doubt that the fear of public sector spending cuts is impacting upon the UK economy. One area which has been impacted more than most over the last few weeks is the UK housing market with buyers now retreating to the sidelines and many sellers pushing forward to take...Read More
Quarter of Brits 'would move overseas to save'
One in four first-time buyers would move abroad to live frugally while saving for a deposit on a home in Britain, according to National Savings and Investments' (NS&I) latest survey.Young people were found to be the most mobile group with one in four willing to consider emigration, even as far as New Zealand and Australia, while more than a third of people aged 25 to 34 would consider relocating i...Read More
Are property owners in a rush to sell?
The Royal Institute of Chartered Surveyors (RICS) has today issued a report into the UK property sector which appears to show a significant increase in sellers during February. The number of people placing their homes on the market increased twice as fast as those looking to acquire property in February which will place immediate pressure on UK property prices. Over the last few months we have...Read More
Rent increases at highest level for 18 months
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Location links to the price of your house
Official statistics on property prices have presented some areas of the UK rising in value, with others falling. London homes are rising fastest in value, up 4.9% in the past year, compared to a national average of 1.4%. Prices in the North West of England dropped 1.3% (Office for National Statistics). Northern Ireland showed the largest drop, down 8.1% over the year, Wales and Scotland also pr...Read More