Fundamentally speaking, the UK economy is untwined with its property and financial market. Both these markets revolve in the form of a proverbial cyclical fortune wheel hitting the greatest peaks of downturns and growth in identical measures. So, where is the property market of the United Kingdom heading in the next 1 or 2 years? Going with the generic opinion of the market, there will not be a one-fit all answer to this puzzle. However, it is quite easy to come to a logical conclusion depending on statistical and analytical data for working out the possible shifts in the UK property market. IT is not rocket science therefore to recommend that the real weight of demand and supply greatly influences the UK property market and also the psychology of the consumers throughout UK.
Good Time to Invest in Property
Since the recession took over in the year 2008, people have lost their jobs at a very large scale throughout the country. This is because the small businesses and the corporates struggled to get sustainable credit. Nevertheless, in these circumstances of rigorous economic activity, scopes duly await for the interested property investors with limitless funds. Here, it is important to note that whenever there is an increase in the flow of poor quality properties throughout the market either through private treaties or auctions, investors get the scope of making long-term profits. The present UK property market is ripe for making the right property pickings for the ones who have a good amount of money to be given away as deposits to the lenders. The opposite of this is true for the ones who do not have sufficient money for getting onto the property ladder.
What do the Experts Say?
There are some economic analysts and property experts who are of the view that there is absolutely no recovery of the UK property market and the property prices throughout UK. They are of the view that the demand for property is quite strong but the supply throughout the market and even in the new building sector is quite low. There are experts who went further to forecast collective growth of Central London in the next five years which automatically means property prices would be soaring high. However, the problem with such forecasts, analyses and survey figures is that they are simple facts and they simply suggest certain things. Information provided through surveys and forecasts is generally based on analysis and subject trend.
What do Latest Surveys Suggest?
Latest surveys carried out on the property prices throughput UK indicate that the prices of property have fallen by around 0.2% with the average property value now at £174,100. This is, in fact, a major fall of £2,200. Records show a complete fall in property prices for around six months. Data suggests that property prices throughout the UK are falling in under 29% of postcodes representing 7.5m houses. There are other forecasts that suggest that property prices might fall further. Experts are of the view that the difficult mortgage market will serve as one of the driving forces behind property prices going down throughout the United Kingdom.
Despite the falling prices of property throughout the United Kingdom, it is still unaffordable for people to buy properties in any part within the country.