Current UK Property Market
As we have all seen in recent months, the price of houses in the current UK property market have been in decline. In fact, in the last few months we have seen the price of UK homes falling quite substantially and in January 2009 the value of properties fell by a further 1.3%.Which now makes the total decline percentage at 16.6%.
As you will soon discover when you search online, there is much being written about the economic crisis that we are all currently facing. It is thought that the housing market in the UK will drop even further and sales of properties are not likely to increase for some time yet.
It has been predicted, by the Royal Institution of Chartered Surveyors (RICS) that there will be a further 10% decrease in the number of houses sold, this year. The housing market is currently in the worst position seen in many, many years.
RICS have reported that house prices will plummet a further 10% and sales of homes will not pick up again until 2011, therefore people will have to accept that their homes are now worth less than they were a few years ago if they are going to move on.
Although the market is in this weakened state, there are many people who are still willing to buy. For those who are looking to invest in property this may be the ideal time to do so. With house prices still falling and so many people being faced with homes being repossessed, deals are certainly available.
Within the next year the finance industry expects to see an increase in houses being repossessed. This is as home owners struggle to meet mortgage repayments. They are predicting that in the current UK property market; a further 34,000 homes will be repossessed.
Below are a few reasons why the UK property market has seen a fall over the last year.
(1) There are many people out there that are worried about losing their jobs and making repayments. This is making a lot of mortgage companies wary so they end up holding back on lending.
(2) In order to obtain a mortgage, finance companies require the buyer to provide a much larger deposit. So for first time buyers, being able to get a mortgage to buy their first home has virtually become impossible.
(3) Many people expect house prices to fall further making them hold off buying now.
(4) Bank base rate cuts still have not changed peoples minds in remortgaging, even with the cuts the average mortgage has not altered within the 2-3 years.
These are challenging times not just for property buyers, but also for builders and estate agents. A lot of these jobs are going because of the down fall, making the UK economy even worse. - 23229
As you will soon discover when you search online, there is much being written about the economic crisis that we are all currently facing. It is thought that the housing market in the UK will drop even further and sales of properties are not likely to increase for some time yet.
It has been predicted, by the Royal Institution of Chartered Surveyors (RICS) that there will be a further 10% decrease in the number of houses sold, this year. The housing market is currently in the worst position seen in many, many years.
RICS have reported that house prices will plummet a further 10% and sales of homes will not pick up again until 2011, therefore people will have to accept that their homes are now worth less than they were a few years ago if they are going to move on.
Although the market is in this weakened state, there are many people who are still willing to buy. For those who are looking to invest in property this may be the ideal time to do so. With house prices still falling and so many people being faced with homes being repossessed, deals are certainly available.
Within the next year the finance industry expects to see an increase in houses being repossessed. This is as home owners struggle to meet mortgage repayments. They are predicting that in the current UK property market; a further 34,000 homes will be repossessed.
Below are a few reasons why the UK property market has seen a fall over the last year.
(1) There are many people out there that are worried about losing their jobs and making repayments. This is making a lot of mortgage companies wary so they end up holding back on lending.
(2) In order to obtain a mortgage, finance companies require the buyer to provide a much larger deposit. So for first time buyers, being able to get a mortgage to buy their first home has virtually become impossible.
(3) Many people expect house prices to fall further making them hold off buying now.
(4) Bank base rate cuts still have not changed peoples minds in remortgaging, even with the cuts the average mortgage has not altered within the 2-3 years.
These are challenging times not just for property buyers, but also for builders and estate agents. A lot of these jobs are going because of the down fall, making the UK economy even worse. - 23229
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posted by X - Men @ 7:29 AM
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