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Uk Housing Demand Highest Since Late 2009

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(Reuters) - Demand for housing in Britain rose to its highest level in nearly 3-1/2 years in April, prices notched its first gain since mid-2010, a monthly survey showed on Tuesday

Reuters

Just when you thought all possible stops had already been deployed to keep house prices artificially high it seems they’re going to squeeze at least a couple more years of rises out of the market..

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At least mortgage burdens have fallen since the recession. Normally it's the other way round. Must be quite a relief having one less thing to worry about. dry.gif

http://www.cityam.co...nefit-low-rates

May 14, 2013, 2:06amUK HOUSEHOLDS are feeling less burdened by their mortgages in the aftermath of the recession, according to an official report released yesterday.

The Office for National Statistics' (ONS) study of property debt showed that 15.2 per cent of households considered their property debt to be a heavy burden in 2006-08, while only 13.6 per cent did in 2008-10, despite higher unemployment and wage increases below inflation.

The report also showed that Londoners are less likely to own their homes outright than people from any other UK region, and have the highest average property debt in the country.

However, London also saw the biggest decrease in the number of people considering their property debt to be a heavy burden, in comparison to struggling regions like Wales and the north east of England, where more homeowners now feel burdened by their debts.

While the average household's property debt rose from £70,000 to £75,000 over the period, low interest rates gave an unexpected boost to households with tracker mortgages since 2008. The Bank of England's prolonged decision to keep the bank rate at 0.5 per cent has meant lower interest repayments for many homeowners.

According to the ONS, lone parent households were most likely to consider their property debt to be a heavy burden, while married couples without children were least likely to be concerned.

Edited by zugzwang

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http://uk.reuters.com/article/2013/05/14/uk-housing-demand-idUKBRE94C13R20130514The Royal Institution of Chartered Surveyors (RICS) said 25 percent more chartered surveyors reported new buyer enquiries rose rather than fell last month, up from an increase of 13 percent in March.

think I contributed to this by joining the many others wondering round some new build show houses for a nosey on a bad weather day recently. :lol:

Wonder if the price increases are mainly because of the London foreign money coming into property due to sterling devaluation?

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At least mortgage burdens have fallen since the recession. Normally it's the other way round. Must be quite a relief having one less thing to worry about. dry.gif

The problem with that report is that the data was collected 2008/10. So interest rates had only just plummeted and wage inflation was running above CPI until early in that period i.e. real disposable incomes had just had a massive boost via the base rate falls and hadn't yet started to fall due to cost inflation. I'd be very surprised if that 13.6% hadn't risen considerably since then as real wage falls, tax credit cuts etc. have made servicing mortgages more difficult, particularly for those with high LTVs stuck on SVRs (which have also been rising since then).

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Am I right in saying that in order to become a member of the RICS you do not have to be a qualified surveyor.

Looking at there website it seems that if you are just an EA or an energy assessor you are qualified to join. No VI there then.

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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