Buying and Selling Property
Due to the current economic climate, in recent months, the UK housing market has been in dramatic decline. A staggering 16.6% decline has been seen, to date with a total of 1.3% of that amassed during January 2009.
Whilst searching online it is not hard to find information regarding the current economic climate. It has been reported that the housing market in the UK could fall further still and any improvements are still some time away.
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.
During the rest of 2009 it is expected that a further 34,000 homes will be repossessed. Housing repossession is currently at an all time high, this owing mainly to the current economic climate. People are finding it ever more difficult to keep up with their mortgage and rent repayments.
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) Mortgage lenders are demanding a higher down payment from first time buyers, doing this makes it difficult for the buyer as normally they do not have the money.
(3) People are expecting house prices to fall further, they are unwilling to buy.
(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.
The property industry is not at its healthiest at the moment, many construction workers are becoming out of work and many estate agents are closing by the day. As stated above, it is a very difficult time for this industry. - 23210
Whilst searching online it is not hard to find information regarding the current economic climate. It has been reported that the housing market in the UK could fall further still and any improvements are still some time away.
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.
During the rest of 2009 it is expected that a further 34,000 homes will be repossessed. Housing repossession is currently at an all time high, this owing mainly to the current economic climate. People are finding it ever more difficult to keep up with their mortgage and rent repayments.
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) Mortgage lenders are demanding a higher down payment from first time buyers, doing this makes it difficult for the buyer as normally they do not have the money.
(3) People are expecting house prices to fall further, they are unwilling to buy.
(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.
The property industry is not at its healthiest at the moment, many construction workers are becoming out of work and many estate agents are closing by the day. As stated above, it is a very difficult time for this industry. - 23210
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Adflyer is an online Classifieds site that allows private sellers and the online retailer to sell completely free. 1000s of people place free classifieds with Adflyer every day.
posted by X - Men @ 6:23 AM
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