Prices still rising
The average property price for England and Scotland rose by £6k in the last month whereas the average for Wales rose by just £2k. Demand for property has risen significantly and asking prices are also on the rise, if you are to enter the property market this could be the time to do it! The Bank Of Englands new property specialist Professor David Miles seems to think that we are now at the bottom of the slump and that the rebound curve should be sharp (meaning we will not spend more than a year getting back to where we were!)
Renting property is one of the boom businesses of recent times and is no longer the preserve of students and those on low earnings, with many assessing their lifestyles rather than their earning potential renting has seen a steep rise. Whether rented property will still have a big chunk of the UK property market will remain to be seen after the market returns to pre-2008 figures. At the moment it is seen as a good way to hold onto the value of the property while the market recovers. Will we still want to rent once mortgages are easier to get and the market has more bounce?
Before WW2 over 70% of the UK population rented and now almost 65% of the population has ownership.