The economy is still having problems in the United Kingdom. Unfortunately, North UK is having the worst of it when it comes to purchasing a home. This is truly not fair as the United Kingdom is not on an even playing field.
The regions are divided in the country. When selling your home, each one has a difference of opinion. In the North, they rely heavily on using the public sector. So, housing prices are still plummeting, which means you are not going to get what you wish for when selling. This also includes Scotland and Wales.
Currently prices are falling at six percent with Wales and Scotland higher than that. The only good news is in the next twelve months the central part of London will climb to around five percent, which is good news if you were selling your home.
Irvine and Cole
The latest information gathered is in 2011. Forty-three percent of postcodes in London did go up. It has been proven, which means the economy is trying to slowly rebound. In Chelsea, where William and Kate reside, housing went up one percent because of royalty moving in.
Another reason for the rise is buyers overseas are taking advantage of the pound being weak and are buying homes by the thousands. With this trend, it still is continuing. With selling homes and buying them at a forty year low, the country is struggling to stay on an even playing field. Some places are down four percent and others are up three percent like Central London. The turnover is small because home owners do not have to sell. The rates of interest is being managed comfortably to make the mortgage payment every month.
One other factor is in forty years the rise of the housing market has finally gone past inflation by around three percent. Inflation is now running at five percent. So, this cannot last must longer as the prices are still falling. Currently, the housing market is looking at 2003 prices.
Looking past London, the luxury homes will continue to struggle to be sold. The beautiful and gorgeous country estates at the last half of 2011 fell a whopping ten percent. It is slowly declining and evening out. But, when will it stop declining and start turning around?
The consensus is by 2016 the South and the Midlands should see an increase up to seven percent in home market pricings. For now, tiny increases here and there are small sparks of signs are changing. Being a landlord in the UK will look differently to you.
London Property Finder
With housing problems, rent is rising. No one is buying a home including youngsters ready to buy their first home. Rent should continue to increase another five percent this year. This is a plus for London. As housing is on the rise, so is paying rent at a whopping twelve percent increase last year. This year is forecast at least another seven percent.
With employment back on the rise, more people are moving to London. But, finding a place to rent is hard to do. New places for rent have not been built in a while. Currently, there will be more people renting by 2015 than people that own a home or paying on a mortgage. The statistics show there are one hundred and fifty thousand households in London that are renting because of the financial meltdown. This is an increase to the number that already was before the meltdown.
The country is seeing the housing market going through major changes. Who knows what this year and the beyond will happen.