Students force up property prices
Despite the fact that the students of today are often associated with very little income, often spendthrift and looking to save as much money as possible, it seems as though a number of university towns in the UK have benefited from the growing influx of students. Figures in the press this weekend show that students in six out of ten university towns have forced the price of property up by around 30%.
The largest recent increase in property prices was seen in Aberdeen where prices have appreciated by around 40% since 2005, a period which has seen the number of students in the city rise by 54%. This particular pattern has been replicated across many "student cities" in the UK and with more and more people now looking to rent as opposed to buying in the short-term there is potential for the situation to get worse before it gets better.
It will be interesting see how UK mortgage companies react to this new trend which is in direct comparison to the US model where many people are now moving away from the rental market and looking to purchase property. Whether this is a short-term change in the long-term UK trend remains to be seen but there are many reasons as to why it could continue for the foreseeable future.
Hips have adverse effect on the market, says NAEA
A survey conducted by the National Association of Estate Agents (NAEA) has indicated that home information packs (Hips) may be having a negative effect on the property market.Some 83 per cent of agents polled reported that requests for market appraisals have dropped, with nine per cent of respondents noting a reduction of more than 50 per cent.When it came to the number of instructions for propert...Read More
House Price Falls Fastest For 17 Years
A report by the Nationwide has highlighted the fact that house prices are now falling at the fastest rate for over 17 years and the situation does not look as if it will improve in the short term. Prices slumped by 8.1% last year which knocked £15,000 off the average house price across the UK. The average house is now valued at under £170,000 for the first time in a long while. So where do we...Read More
House prices force buyers to commute
First time buyers are being forced to commute because they have been priced out of the market in the areas where they work, according to research from Abbey mortgages.The maximum journey time that new buyers want to take to their workplace is 43 minutes, but they are having to change their expectations - the study found 15 per cent said they would travel up to one hour each way, seven per cent wou...Read More
London office space set for boom year
Property specialists Knight Frank have today issued a report suggesting that the London office market is set for a boom 2010 due in the main to supply difficulties. It is forecast that the value of office space in London could increase by up to 43% with rents set to rise by 19%. These are exceptional figures but then again the London office market is an exceptional market! As you would expect f...Read More
Is it Time To Build Your Eco House?
While the eco housing revolution has never quite taken off in the UK it seems that now may be the time to try and bag a prime plot for your dream home. Industry experts are suggesting that the recent fall in property and land prices has brought more people back into the market with prices more reachable. It also seems that more people are looking at both eco and energy efficient housing as a way...Read More