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The number of houses in the United Kingdom is too small for its current and growing population, as well as being disproportionately located around country. The prices of houses in different locations can vary immensely adding to the problem of supply and demand.
The differences in property prices between the regions bring the discrepancies – resulting in high migration of people and companies across the country.
International experts are worried about the property crisis in the UK – the number of mortgage loans are actually decreasing rapidly. This is the negative effect of the financial problems in the United States economy.
House prices in UK in May 2008 dropped, more than 4 per cent, this being the biggest decrease since 1991 (data according to The Royal Institute of Chartered Surveyors). It means the property boom is over.
The experts are now worried that the general British economy will not holds its value. This was preliminary confirmed by Alistair Darling – the first British Chancellor who predicts that the economical growth will decrease from 1.75% to 2.25% in the financial budget for 2008 – 2009 year.
There is a growing number of unsold houses in the British property estate agencies. The percentage of unsold houses increased to almost 50 per cent during the last 18 months and in the same time it is recorded as the highest number since 1989.
The basic problem of the dire situation of the British Property Market is the increasing
difficulty of getting mortgage loans. Having had to write-
The prospect of a British Property Market collapse alarms economists, but generally it does not bother property investors. Some predict the situation will improve in the mid term, whilst others believe property prices will be stopped at a stable level, banks will change its loan policy and will start to support poorer citizens with their mortgage loans payments.
To create a new attractive long term loans offer would improve the British Property Market as it would stabilise the mortgage loans industry. This would then increase the interest to buy houses and it would further develop the infrastructure to meet constantly rising demands in particular regions of the United Kingdom. Stabilisation of local property markets would have the positive effect of more profitable taxes and would bring the solution for the current crisis within the British Property Market.
NEWS
Fear for the current
UK Property Market