Is the UK turning into a rental economy?
Despite the fact that the first choice for many in the UK property market is to buy a property for the future, there are now signs that more and more people are looking to rent in the short to medium term. The Chartered Institute of Housing has today issued a report suggesting that those on incomes between £12,000 and £25,000 are stuck in between being eligible for social housing and been able to afford their own property.
In what has the potential to become a self-fulfilling prophecy, the fewer people who can afford to acquire their own property the more pressure this will place on the rental market and the more properties will come under the "buy to let" banner. This is despite the fact that many buy-to-let participants have fallen by the wayside after the credit crunch and the worldwide recession. However, there is also the UK phenomenon of a housing shortage which has been ongoing for decades and many people believe is one of the reasons why UK property is so expensive.
Despite the fact that the UK government recently announced a number of incentives for local authorities to build affordable housing this will take some time to kick in and more and more people will be forced to look at renting property before acquiring their own property in years to come.
Homeowners encouraged to make security improvements
Homeowners have been advised to improve security measures to protect their homes from burglars.Virgin Money has suggested that consumers invest in an intruder alarm and ensure they lock all doors and windows when leaving their property unattended.As well as choosing an adequate home insurance policy, the company advised homeowners to install a safe and avoid leaving valuable items on view.The advi...Read More
Moscow 'more expensive than London'
Moscow has pipped London to be named as the world's most expensive city for expatriate workers.The annual cost of living survey from Mercer Human Resource Consulting ranks the Russian capital at number one for the second year running.A statement from the firm explained that the high cost of accommodation and the favourable exchange rate against the US dollar had helped Moscow retain its top rankin...Read More
Average house prices hit record high
30/06/2015 The average property price in the UK has hit £212,494, which is a 5.6% increase on last year and a 1.4% increase on last month, according to the latest Housing Market Monitor from estate agent Haart. The average amount a first time buyer will have to spend on a home has also risen 4.3% annually and 1.7% on the month. The average loan advance to a first time buyer has increased to...Read More
Changes in the UK property sector
A report by the Halifax has highlighted the fact that more and more people are living alone with an increase in sales of terraced houses and flats in the UK. The report has also highlighted the fact that just 19% of those acquiring properties in the UK are looking for a home which does not need any alterations whatsoever. It seems that more and more people are now willing and able to carry out the...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