Property Market Boosts Economic Revival
>> Sep 17, 2014
The property market
has been the subject of debate ever since it began to help the UK out of
recession. People often aspired to own their own homes in the UK, even before
Margaret Thatcher’s policy of selling council houses to their tenants. There is
a strong argument that the UK emerged from recession before the rest of Europe
because of the popularity of London property with overseas investors and the
knock-on effect that produced down through the property market.
First
Time Initiative
The problem at the
lower end of the market, where financial lending institutions sought larger
deposits from home buyers, was that first time buyers were finding it
difficult. A Government initiative was put in place to help and it was
certainly a success. In the South East in particular there have always been
openings for graduates setting out on a career. The demand for housing in the
commuter belt towns of Essex, such as Colchester, existed for those people that
could get mortgage approval.
The good news for
people looking at property for sale in Colchester is that mortgage approvals have now reached the same
monthly level that existed before the recession struck. The aid to
first-time-buyers has reinforced the whole property market, so everyone is
happy.
Good
News
The figure was in
excess of 30,000 last month, the best figures since a similar month back in
2007. The low point was in 2009 when monthly figures were around 8,500. This
time it is hoped that the figures will be sustained. Interest rates remain low
for the time being although they will begin to rise. It could mean that sales
continue through the winter which is traditionally a quiet time in the property
market.
Mortgage applicants
can typically expect to spend 20% of their income on their mortgage repayments,
down around 5% from the peak before the recession, though interest rate
increases would see that rising slowly.
Time
The new financial
rules mean that a typical property sale is taking longer to complete than
previously. Applications are being examined more closely. However, there are
established estate agents which can help. They are only too happy themselves
that the market has strengthened. If you are starting to view property you will
get a good idea of what’s available by looking on a website that allows you to
put in a location and then reveals what is currently on offer. It certainly
does no harm registering with a good agent so that you can receive news
whenever anything else becomes available.
There has always
been demand for property close to London. The city is the hub of the national
economy. It means that investing in property, through buying your own home,
will produce a return in the medium term which is one of the prime reasons why
UK people have always been keen on buying.
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