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.
Google enters the UK property market
Search engine giant Google has today confirmed that residential property listings will be added to its Google maps service. The company claims that "hundreds of thousands" of homes are already being advertised for sale or rent on the Google maps service which is proving to be one of the more popular initiatives of late. In a rather clever way, which does not alienate any area of the market, Goo...Read More
Mini property boom hits parts of the UK
Estate agents in some areas of the UK are reporting that one in 10 properties for sale are being sold at above the asking price, with substantial demand in some areas. The likes of London, Oxford and Cornwall have been singled out as particularly buoyant property markets although there is some scepticism with regards to these claims. However, could there be a reason for the sudden interest.
Why are house buyers still sitting on the sidelines?
Over the last few months we have seen a major deterioration in the UK property market with prices falling month by month and many desperate sellers willing to knock thousands off their asking price. However, surprisingly we have seen very few bargain hunters step forward which is something of a major concern for those in the sector.
There appear to be a number of reasons for the ina...
Mixed signals in the UK property sector
While there has been significant discussion regarding the performance of the UK property sector we appear to be seeing the start of a recovery in the UK mortgage sector. New mortgage approvals rose by 4% in March which when taken with the increase in February starts to build a little momentum for the mortgage industry and the wider property sector.
While nobody is suggesting that th...
Rich BRICs invest in British bricks
Increasing demand for UK property from emerging economies such as Brazil, Russia, India and China (BRICs), will sustain property prices in the near future, a report predicts.Foreign buyers presently account for approximately one third of all property purchases in London, says estate agent Knight Frank. This figure climbs to 75 per cent for houses worth over £5 million."Average house prices in cen...Read More