UK property price and rental news, March 2011
UK property prices edge higher as rental predicted to boom in 2011 and 2012, reports Expatfindaproperty.com
- UK property market rises 0.2% in February
- London continues to lead housing market with 2.4% annual growth
- 59% of rental agents expect demand for rental properties to outstrip supply
Data released by the UK Land Registry for February paints a mixed picture of house prices in the UK, according to expatriate mortgage specialists, Offshoreonline.org. Average prices across the UK rose by 0.2% during the month, whilst the same data showed London prices rising by 1.6%, giving London an annual growth figure of 2.4%. Meanwhile in Wales, prices fell by 4.2% in the month, giving an annual drop of over 6%.
Within the London area, some boroughs have recorded huge gains over the past 12 months, with Kingston rising by 8% and Islington by over 9%. However, overall, domestic demand has remained muted, with only London, the South West and South East showing gains of over 0.5%, as UK buyers remain cautious ahead of the huge public sector cuts announced by the government. The impact of these cuts on the housing market remains largely unknown, with many commentators expecting flat or shrinking domestic demand for new mortgages.
At the same time, a recent survey of Association of Residential Letting Agents (ARLA) suggested that 59% expected the rental market to boom in 2011 and 2012, as demand outstrips supply. ARLA members put much of the shortage of supply down to continuing difficulties buyers are experiencing finding mortgages.
Meanwhile expatriates trying to buy property n the UK are now able to access variable rate mortgages with interest rates starting at less than 3.00%, according to brokers Offshoreonline.org.
Commenting on the latest Land Registry and ARLA data, Erica Evans of expatriate property search agents said, “The gradual firming of house prices, especially in London and the South East is attracting the attention of expatriate buyers. We are starting to see an increase in interest from abroad, as foreign buyers who are not subject to the same economic pressures as those in the UK sense a buyers’ market returning. UK homeowners are certainly feeling under pressure, with job losses starting to mount and uncertainty creeping into the UK economy. This lack of domestic confidence is sure to dampen house prices, giving overseas buyers a huge advantage.”
Tim Harvey, managing director of expatriate mortgage brokers Offshoreonline.org agreed that demand from overseas is staring to creep up. “We have seen an increase in enquiries from buyers based in Hong Kong, Singapore and Dubai, where local economic conditions do not appear to affecting incomes and savings. Buyers are having no problems finding a 30% deposit and they are certainly ready to take advantage of the low mortgage rates, while these remain. Indeed, many are quite prepared for UK Base Rate to rise this year and seem apparently to view this as a buying opportunity.”
« Back to News
Latest News
- Great time for US dollar earners and US residents to invest in European real estate
- Good news for expat UK house buyers, as expat mortgage rates start to ease
- Falling house prices, high mortgage rates – should UK expats buy a house now?
- The 5 cheapest cities for first-time buyers
- Why getting a mortgage in France is now so much easier for buyers from the USA than the UK
- Green shoots appearing in UK property market, good news for expat house buyers
- UK Housing asking prices see smallest February increase on record
- Optimistic signs in expat buy to let market as mortgages rates fall and prices stabilise
- Expat UK property investing: Three positive signs, thinks broker
- Expat buy to let market still strong after two rate rises, says broker
- Recovery and strength in the UK housing market for 2022?
- Expat broker optimistic on post Covid UK buy to let housing market
- Broker warns over mortgage payment holidays
- Buying UK buy to let property after lockdown – expats will have the upper hand, thinks broker
- Expat lenders react to keep expat mortgage deal flowing during COVID-19 crisis
- Coronavirus impact on UK housing might be short lived, thinks expat mortgage broker
- Getting a mortgage whilst living abroad or getting a mortgage after you have moved abroad.
- What Happens when my UK Expat Mortgage Expires?
- Buy to let bargains abound, thanks to Brexit effect, thinks broker
- Expats increasingly vulnerable to new build deposit loss
- UK house hunters lead 6% growth in French non-resident property transactions
- Expat Buy to Let Mortgage Rates Cut Again
- Brexit fears give expats the edge, as UK buyers shun property
- Mortgage tax changes in Spain help buyers
- Expat mortgage broker predicts banks will not pass on full Base Rate rise to mortgage holders.
- Falling Expat Mortgage Interest Rates and Weak UK Housing Market Favour Expat Buyers
- UK property beats pensions, says UK official study
- Taxes for UK expat landlords might not be so hard after all
- Why a sinking pound need not scupper your French property dream
- Is it time to add UK university fees to your expat mortgage?
- Resurgent Spanish property market prompts new mortgage launches
- The new landscape for UK property investors – still good value
- New UK Buy To Let Rules Will Impact Expat Property Buyers – 2017
- UK rent rises continue to outstrip inflation, expat buy to let remains popular
- UK Stamp Duty hike not as harsh as first feared for expat property buyers
- Do I qualify for expat or international mortgages?
- Brexit need not harm the expat mortgage market, thinks Offshoreonline
- UK stamp duty changes, capital gains tax changes will impact expat buy to let investors, so start planning your checklist now
- Booming London property rents continue to attract expat buy to let landlords
- New UK Stamp Duty Won’t Dent Appeal of Buy To Let Mortgages For Non UK Residents
- QE spells heaven for overseas property buyers in Europe
- Thinking about buying a house in 2015? For expats, the signs are good
- UK property prices on the up in 2015 good news for expat buyers
- UK Stamp Duty changes – the winners and losers
- French expat euro mortgage rates fall again
- New house price index to make life easier for French euro mortgage house buyers
- New Spanish government figures point to gentle housing market recovery
- Buyers forced out of London by spiralling property prices have helped fuel a 10% annual rise in asking prices in the south-east – a rate that has now outstripped inflation in the capital.
- UK student loans – plan now for flexibility
- Landlords enjoying “record income from letting