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".
Cebr forecasts buoyant property market
The Centre for Economics and Business Research (Cebr) has today issued a statement suggesting that the average property price will increase by around £9,000 in 2010. This would be a 5% increase on last year and see the average home in UK costing around £178,500. The Cebr is also forecasting 3.4% growth in property prices in 2011 and 9% growth in 2012. This is a very interesting and a very pos...Read More
Property market will continue growing, according to BBA
The British Bankers’ Association (BBA) has said that it expects the UK property market to continue growing strongly, as mortgage lending continues to increase. In total, mortgage lending in January was 38% higher than in the same period a year ago, while the amount of mortgages that were approved, but yet to be lent, was up 57% year-on-year. The BBA has cited the governments ‘Help to Buy’...Read More
Olympic ‘Distraction’ causes House Price Drop
Sellers of properties within the UK slashed house prices in the month of August, due to the Olympic Games causing a distraction to buyers, along with the faltering economy within the UK to blame too. Data from Rightmove Plc indicates that asking prices in England and Wales fell by an average of 2.4pc as sellers battled against lack of attention from buyers. London alone saw values of housi...Read More
UK house prices under pressure
The Royal Institute of Chartered Surveyors has today revealed pressure on UK house prices as more and more people look to dispose of their properties ahead of the election. This is something of a surprise as many people had initially assumed homebuyers and sellers would hold off until the election was over but it appears that there is pressure as more properties come onto the market. The report...Read More
Improving the attractions of your home with a lick of paint
Even in the current downbeat property market if you're looking to sell your home you need to ensure that it stands out from the rest and offers good value for money. While surveys and the like will show any potential structural damage or issues in this area it is well-known that the vast majority people will fall in love with their future home simply by looking around.
As a conseque...