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.
Completion time on home sales falls despite signs of slowdown
The slowdown in the housing market may not be as marked as has been suggested, new figures indicate. According to the LMS Quarterly Market Efficiency Monitor the average time taken to sell a home in the UK during the first three months of this year fell to 55 days compared with 56 days for the corresponding period last year. The fall was most marked in the North of the country, where the completio...Read More
'No firm evidence of housing crisis,' says Assetz
UK house price growth has moderated over the last year, but there is scant evidence of a crisis, according to property investment group. According to data from Assetz House Price Watch, which employs data from the UK's leading monthly studies and collates it, the average UK property is now worth 1.7 per cent more than it was 12 months ago. This is in stark contrast to reports from Nationwide and H...Read More
UK house prices increase in January
The Nationwide report on the UK property sector has highlighted a growing trend which has seen UK house prices increase in value over the last year. A 1.2% increase in the value of property in January, compared to December 2009, brings the total annual increase to 8.6% between January 2009 and January 2010. But what does the future hold for the UK property market? In a move which will surprise...Read More
Property prices up again
House prices rose by 0.6 per cent in April, official figures from the Land Registry (LR) show.Although this monthly increase represents a slight decrease on March's figure, the new annual growth figure of 9.1 per cent is still among the highest for two years.The average price of a property in England and Wales now stands at £179,935, up from £178,423 in March.But most of this growth came from Lo...Read More
When will first-time buyers be allowed back onto the property ladder?
Over the last couple of weeks it would appear that UK mortgage approval numbers have been rising, and are in fact at double the number seen in November/December 2008. This would appear to give something of a shine to the UK mortgage market when in reality there is still a lack of realistic deals available first-time buyers and indeed unless deals do appear many may well miss out again. In what...Read More