How the unemployment rate affects the housing market in the UK?

Lloyds Bank has conducted a study on the real estate market in the UK in the context of the labour market.

The owners of homes in the UK in areas where the lowest unemployment rates, saw the highest growth in property prices. An average of £65,000 pounds more expensive now house or apartment in the UK in areas with good levels of employment compared to 2009. Approximately 20 municipalities, the price of housing between 2009 and 2015 rose by 20%, or £64783.

On the other hand , in those regions where the unemployment rate is still high, the average growth in property prices was only £4100 pounds for 6 years, or 3%.

Thus, there is a clear link between the unemployment rate in UK cities and the real estate market.

For example, in regions with a low level of unemployment is marked by a more rapid increase in prices by 25% than in the whole of the UK for 6 years since 2009 was 17%.

In the 10 areas of the UK, which has the lowest unemployment rate, housing prices rose by 28%.

Over the last few years especially show the influence of the economy on the behavior of the housing market in the UK, along with the level of employment, an important factor is the attractiveness of the region in the eyes of investors, the level of supply of new housing dwellings on the market.

The best level the state of the economy has demonstrated over the years the Scottish Islands. No coincidence real estate prices in the Islands rose as much as 31%.

® Helen G. Antre 22.05.2015

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