The London real estate market is growing in spite of the difficulty of obtaining credit

According to the report submitted by the National Association of real Estate Agencies in the UK, the real estate market now is the best balance of quantity of housing offered for sale and registered buyers.

According to the October 2014 every estate Agency in the UK on average put up for sale 53 properties for sale, which is 15% higher than the average for 2014.

This is the highest level of free services starting from October 2013.

At a time when the supply of new housing increases, the demand gradually decreases, providing a balance between the number of available properties for sale and number of potential buyers for a single object.

The decrease in the number of buyers is associated with many factors. It introduced in April 2014 new lending rules and the prospect of raising interest rates by the Bank of England and the prospect of a tax on houses, which might enter the labour party if he wins the election in may 2015.

New lending rules that provide for the passage of the “stress tests” forced buyers wary the process of obtaining a loan, and some have abandoned the process for fear of rejection.

The possible raising of interest will increase the monthly payments on the mortgage loans, which will put pressure on the family budget and is an obstacle to purchases in families with a small budget.

However, we must recognize that these factors affect the real estate market is the UK, where buyers are the British themselves.

The real estate market for international investment, first and foremost the London property market and the market student property in the UK these factors have no effect, as foreign investors almost never use credit of English banks . Therefore, this market will grow in coming years despite domestic economic and political factors that take place in the United Kingdom.

® Maxim Savitsky 28.11.2014

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