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Cyprus Eastern Forum Index » Coffee Shop Chat » UK Housing Market
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UK Housing Market 
Post: #1   PostPosted: Tue Jul 01, 2008 6:54 am Reply with quote
brian16
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Location: pyla

 
Possibly good news...........the rate at which falling house prices in the UK is slowing.
During the month of May the fall was a record 2.5%, whereas in June it was 1%.
This could be an indication that it's "bottoming out" and that an upturn may be closer than was anticipated.
House prices are still a little over 6% lower than they were 12 months ago but the indications are favourable.
First time buyers make up one third of current buyers but at the moment there are less people selling to buy in another area.
It's early days yet and too soon to predict that the market in Cyprus will improve so far as UK buyers go but there are positive indications, the next few months will be more telling.
Fingers crossed.
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Post: #2   PostPosted: Tue Jul 01, 2008 8:49 am Reply with quote
Andrew Brooks
Joined: 15 Nov 2007
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Location: Larnaca

 
UK house prices are still higher than they were two years ago and are unrealistically high anyway.
First time buyers haven't really been able to afford to get on the ladder for years but lenders have been irresponsible and taken risks, hence the worlwide credit crunch.
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Post: #3   PostPosted: Tue Jul 01, 2008 9:02 am Reply with quote
DAC
Joined: 02 Feb 2006
Posts: 6820
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Hi Brian,

I kind of get the impression that it's not just the price of houses that are affecting the housing market, and that it's more the mortgage lenders.

The lenders appear to be over zealously enforcing very strict lending criteria, as if to make the point that it's the consumers fault that the banks didn't do it earlier. Mortgage arrangement fee's of 5k for loans up to 200k is a bit severe And when borrowers are then being allowed to add it to the amount borrowed, it kind of makes a mockery of the strict lending criteria being enforced.

I am a firm believer that all areas of the country should be utilised to their full potential, instead of everything being focused on the south and south east. Every property program pretty much only features these areas as if the rest of the country doesn't exist. If Business was encouraged to 'Spread Out' to differing regions, then many of the housing problems would be resolved.

It was only several months ago that Governmant figures said that we needed Millions more houses by 2020, and now all of a sudden there are 15 houses per property buyer...!

But back to your original point, lets just hope that things are on the mend and the price of oil drops to below $70 a barrel...
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Post: #4   PostPosted: Tue Jul 01, 2008 1:51 pm Reply with quote
Bobbeer
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Location: Ayia Thekla

 
Possibly bad news.

We saw our Estate Agent again today for a re-valuation.
He tells us that our house is now worth 30,000 less than it was 2 years ago and we should wait 12 months before marketing it any further.

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Bob
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UK Housing Market 
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