Overview of the UK property market

The volume of transactions on the market assessment of residential property in the UK increased by 13% in August 2013, but when compared with the previous year, the volume of transactions decreased by 4% compared to August 2013. One reason for this market decline may be that August last year was a very strong month.

In August 2013 the housing market is not only in London but the property market in England and Wales and the real estate market for the first time Scotland has made a breakthrough, the results of which it became clear that now in the property market across the UK there has been a steady positive growth.

Now the market is definitely in a more stable condition and can afford a slight hesitation.

At the beginning of September 2014 shows that market participants are convinced that in the absence of uncertain financial prospects, and this will become the basis for a positive sentiment among buyers and sellers in the fall and closer to the New Year.

Since the start of the recession in 2008, many potential sellers of residential property preferred to refrain from moving to a new home, which, of course, created the effect of stagnation on the market. With the emergence of positive sentiment on the market since the beginning of 2012, more and more people began to think about improving their living conditions, looking for a new home and selling existing apartments and houses.

In addition, credit institutions offer a lot of possibilities of obtaining a mortgage at historically low rates and refinancing programs existing programs. Another reason for the activity in the property market in the UK – a large-scale government assistance programmes. Especially noticeable participation of the state in the lower segment of the real estate market, where the issue of housing affordability is particularly acute.

Thus, analysts predict active autumn 2014 property market in the UK. After a little years of stagnation it is clear that the property market in the UK will continue to gain momentum despite the prospect of introducing higher interest rates by the Bank of England. Another argument in favor of the activity of the market was held on 18.09.2014, the referendum on separation of Scotland. The reluctance of most of the Scots to secede from the United Kingdom will certainly become a factor, which positively affects the real estate market. At least the UK economy is now deprived of the economic risks associated with the uncertainty of a new currency of Scotland, and budget reallocations between England and Scotland.

® Helen Entree. 20. 09. 2014

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