ECONOMICS Economics



Current UK Housing Market

Introduction

The unstable economic situation in Britain is due to the property market of the country. Low consumer demand has forced the players in the property market to reduce prices by an average of 3%. Prices for apartments in November 2011 were below 7500 pounds against the indicators in November 2010. For comparison, the average price of Flat (apartment) in England is 192tys pounds, and in the London 299tys pounds, is 301tys and 468tys respectively, in U.S. dollar terms, for other countries, these figures are approximately equal to the rates in England, and make 452tys dollars, and if anyone want to buy an apartment in Donetsk, then you will have to pay 70tys dollars, which is significantly less than the above examples. Of course, all prices set forth against the average number. The cost of real estate depends on the location and area, as well as other amenities.

Discussion

Home sales in the UK raised slightly in February, according to a survey RICS. The number of customers increased before the end of March 24 to provide tax relief of 1% to 250,000 pounds cheaper homes. The average number of transactions in real estate has grown over the last month from 15.7 to 16. According to the RICS the members of the association does not believe that prices will fall further, since May 2010 the first month of inflation expectations (www.chg.org.uk/).

However, in February, prices fell in London as in the past was the only region where prices were rising. Survey participants reported that problems with access to a profitable mortgage lending continue to keep many from buying real estate property buyers for the first time. Further growth in sales can provide real estate sales scheme at 5% down payment. To ensure the scheme will NewBuy government.

Houses in the UK

What are the distinguishing features of the system homes in the UK? Housing tenure is dominated by the property, which currently accounts for more than two thirds of all housing stock. The rental market reaches over 10% and about one in five families is in the social rental market. The change in tenure began in the eighties with a growth in residential property has slowed in the nineties. More than two million families have purchased their public housing at a discount but, in reality, the increasing ownership rate has followed the ease of access resulting from growth in income and a market widely deregulated mortgage offering a generous range of products to households who agreed for the first time the housing market (www.fandc.com).

In the past five years has been an increased use of loans and gifts for intergenerational make possible the purchase as the accessibility restricted and became very difficult to become a homeowner. In the last five years the UK has also experienced rapid growth in the purchase of the “let mortgages” - term loans granted to large residential owners with their real estate assets sold by rental brokers. This has been the area of greatest Mortgage loan ...