London, UK (PRWEB) November 29, 2011
The UK Property Market in the Recession
The global economy is collapsing and the direct consequence is that the property market is feeling the strain of the recession and prices are on the rise. But what are the implications for buyers?
The increase of properties on the UK market was recognised earlier in October as house prices escalated by 0.4% (data from ThisisMoney.co.uk). With a shortage of houses on the market across the UK it is debated how much higher prices are likely to rise.
Compare Property Prices, a great property price comparison site, have put together data collected from the current property market in the UK to show the current average price of properties to buy and rent over popular areas across the UK:
Area House to buy House to rent (PCM)
London £440,230 £3053
Birmingham £158,980 £674
Leeds £170,624 £569
Glasgow £163,091 £552
Sheffield £157,753 £582
Manchester £151,884 £804
Liverpool £131,905 £575
The share of the UK market has fallen to a three-year-low and it is predicted that prices are set to rise on the UK property market by up to 15% over the next five years, according to data from ThisisMoney.co.uk. London has a noticeably elevated value of houses to buy and rent compared to any other area in the UK and prices are predicted to be even higher above the rest! First time buyers are currently a rarity on the market, even though generally mortgages are being approved by banks there is still a noticeable obstacle preventing those obtaining their first home.
Compare Property Prices suggests that due to the shortage of property on the UK market, prices will continue to rise. This will result in those with current properties as new buyers being unable to expand and buy larger properties as their family, earnings, jobs continue to grow. However, those that are finding their feet and preparing to buy their first home are able to acquire the mortgage because the economy is slowly funding banks making it possible, but in time, they will soon be stuck in the same situation as those already with properties.
Compare Property Prices is a great website to search and discover the best deals for buying and renting all kinds of properties across the UK market. Users can search precisely for the area they require by entering the postcode or city and check out the latest property prices.