Over the past few months a number of property and economic experts have been vocalising their opinions on how the housing crisis can be solved. Currently, there is a much higher amount of demand for housing than there is supply, which has ultimately led to house prices increasing at a rapid rate. One of the causes of this surge in demand is the government’s Help to Buy scheme which enables individuals to apply for a mortgage with a deposit of as little as […]
There seems to be a number of conflicting articles in the news right now about the state of the property market. Since the introduction of the second phase of the Help to Buy scheme – where properties worth up to £600,000 were to be included – the property market has seen a boom in demand. However, according to the property website RightMove, asking prices in November dropped by around 2.4 per cent.
In the past couple of months we have seen a number of positive reports claiming that the UK economy is starting to become even more stable, and now it has been revealed that the UK is actually improving much faster than its European counterparts. According to a report released today by the Organisation for Economic Cooperation and Development the forecast for growth in the UK during 2013 is 0.8 per cent, while for Europe the economy is set to decline by 0.6 per cent.
At the beginning of this year there was much scepticism when it was announced that house prices were increasing, and many people believed that it was just a minor improvement that wasn’t around to stay. However, we are now in the fifth month of 2013 and house prices have been increasing by around 2.1 per cent month on month, meaning that the average price of a house has now increased by an average of ten per cent.
The current housing crisis has led to the government trying to find new ways to create affordable housing and to find areas where these projects can go ahead. Lack of space is a huge problem in the UK right now, and seeing as the population is growing rapidly its set to become even more difficult in the future. This could be why one person in Leyton, London decided to take matters into their own hands and create a six foot wide ‘house’ between […]
Property markets and the UK economy are intrinsically tied, and as we have seen throughout the past few years if one does badly then generally so does the other. This is why in this year’s Budget George Osborne stated that the government was planning on investing heavily in the housing sector, mainly by funding construction projects that would not only create more affordable housing but also help employment across the country. Furthermore, the government is trying to stabilise the property and rental markets which […]
Due to the housing crisis many people in the UK are currently struggling to afford a deposit for a property, and those that do often get very little for the amount that they pay. This is why more and more people are starting to look to co-housing, which is where each person owns their own property in a complex but then shares communal areas such as gardens and laundry rooms, which are often too expensive for them to afford on their own. These […]
Most news stories concerning the property market these days talk about how house prices are at an all-time low, and that people that invested in properties years ago are now finding that their investment has not grown over time. However, there is one area in Britain where house prices seem to either be unaffected or actually improving, and that’s in London. This has led to a massive rich/poor divide across the UK, as the capital is seeing a boost in housing prices due […]
Since George Osborne announced his plans for the housing industry in the budget last month there has been speculation from many members of the property industry as well as the private rented accommodation sector as to how his plans will work. The ‘Help to Buy’ scheme has been widely criticised as many feel that helping members of the public buy a property is not enough, and that the government should allow buy to let landlords to take advantage of the new scheme in order […]
According to a new report from Lloyds TSB, since 2008 buying a house and home affordability has improved by almost a quarter.
The report says that in 2008 a home in an urban area cost 22% more than it does now – it now costs approximately £34,831 less for a house. The report by Lloyds called the Lloyds Affordable Cities Review included 61 British cities and looked at the annual earnings and house prices in each area to quantify which are able to gain the correct […]