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UK House prices
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UK house prices are the talk of the nation with many home owners constanly seeking the value of thier homes. London House prices have gone so far out of the reach of many Londoners that many first time buyers are now not able to think about buying a home in London.house price data is essential to assist in valuing property. Traditional house price calculators have been super seeded by house price web sites. To find all UK house prices many of these web sites use data from the Land registry.The those selling property can find all UK house prices. Before you value your property you must arrive at two important figures, the lowest price you will accept for your property and the ideal price you would like to achieve
Find value of your house in UK
http://www.homesgofast.com/HousePrices-Valuations.php
Finding your house price
- Using online House Price calculators which will give you a guide price
- Using the internet to find prices of similar properties in your area
- Looking at House Prices statistics this can help identify the trend over the last 12 months.
- Using house price web sites to discover exactly the prices that properties had sold for in your neighbourhood
- Contact three agents asking for their opinion.
House Price-Web sites
Net House Prices: Instant online house prices throughout the UK- Net House Prices
Mouseprice.com: Find the price paid for every house sold in the UK- Mouseprice.Com
Our Property: Millions of prices direct from the Land registry-Our Property
MyHousePrice.com: one of the first companies to bring you online access to house prices-MyHousePrice.com
Property Facts The name says it all, if you're looking for facts and graphs then this is the place to go.
House prices UK why the continued rise?
. Increase in the number of households. The population of the UK has risen relatively slowly. But the number of households has increased at a much faster rate. This is because
a) Increase in life expectancy meaning there are more old people living alone.
b) Increase in divorce rates, leading to more single people
c) Change in social trends causing young people to wish to move out of home earlier.
2. Lower long-term interest rates. In the 1980s and before the UK economy was more subject to fluctuations in the economic cycle and inflation. As inflation increased to 10 or 20% interest rates would rise leading to mortgage payments becoming more expensive and discouraging people from borrowing. Interest rates are not only lower now but also more stable. This has made paying a mortgage more attractive.
3. Increase in price of renting. Although house prices have risen the cost of renting has similarly increased, making the alternative to buying a house less attractive.
4. Increased competition amongst mortgage lenders. With the financial sector deregulated in the 1980s there is much more competition, including online mortgages. This has increased the number and range of mortgages making it easier for people to get a mortgage, who otherwise could not have afforded it.
5. Parents using equity gains to help children. Many of the older generation are sitting on significant gains in the value of their house. This equity is often being used to provide a deposit for their children to get on the housing market. Therefore sustaining an increase in the ratio of house prices to earnings.
6. Long period of economic growth and low unemployment. This has also helped increase economic confidence about future economic trends, therefore this has encouraged people to take on bigger mortgages.
7. Shortage of Supply. One of the main factors in the UK housing market is the acute shortage of housing, especially in popular areas. This means that even a very small increase in demand is having a proportionally bigger increase in price.
There are several other reasons for rising house prices such as increased immigration, people buying second homes and increased demand from foreigners. However perhaps the most significant reason is the low long-term interest rates combined with the increased choice of mortgages. Therefore, combined with the UK population’s strong attachment to owning a home, house prices have continued to rise well above inflation. The interesting question is for how long this remarkable growth in house prices can continue.
Article on: Will UK house Prices fall?
R.Pettinger studied Economics at Oxford University. He now works as an economics teacher in Oxford. He has written several articles on the UK economy and the UK housing Market. Article Source: http://EzineArticles.com/?expert=Richard_Pettinger |
