Has the housing market risen in London?

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 Affordability of houses in the UK deteriorated significantly in the late 1990s and onwards, this in turn affected the country’s economy. But now there is a light at the end of the tunnel. The economy is genuinely looking healthier. Growth remains stable across UK. And to those who are wondering if the housing market in London is growing? The answer is yes. And by the end of this article it will be more evident that the housing market is improving.

HOUSING PRICES RISE BY 5%

 There is a sign of the housing market revival in all regions in London. The price of a house in London has jumped by 5% during the last few years. An average house price has increased to 172,127 pounds. This is the highest level ever recorded since 2008. To top it all it is not just in London but it has been reported across the globe too. For example in Northern Ireland, an increase in prices since 2007 has been recorded. In Manchester the increase in housing prices has increased by 10% and also in New Castle an 8% increase has being recorded. It is also encouraging to know that the experts have said that the housing market will fully increase by the end of the year 2014. It is expected that the prices of housing will further increase by 2%.

HOUSING RECOVERY

 There is a perception going around that housing market has improved only in London and south east. This is evidently wrong. A survey shows that there is housing market recovery beyond London and south east as well. This is proved by the increase in prices in Manchester and New Castle.

HELP TO BUY PROGRAMME

 After the deterioration of the housing market, the government came up with the help to buy program’. This program has helped many first time buyers to own homes. This is an interest free loan introduced by the government. With this program, loan mortgage rates are cut down and this helps more people to stop renting and own a home. This is also due to the accessible finances offered by the government. It has also provided the mortgage lenders with a guarantee that protects them. Now there are more homes in the market and the selling prices have increased. This in turn has made a prop in the property market. Housing market prices have increased thanks to the buy to let market.

LONDON DOCKLANDS

After the Second World War the docklands were destroyed. Ever since the destruction they have been severally re developed. But now they were redeveloped into luxury executive flats. They have also been converted into residential, commercial and light industrial space. This has allowed investing and more attractive propositions to be made. There is a property boom in the area and it has also increased labor relations. In summary although the economy has picked up somewhat, it remains slow, while unemployment remains high. Lending to first time buyers has also increased and lenders are reporting improved mortgage market conditions. Also the average London house price has grown by 9.7%. The prices in both new homes and pre owned homes are rising very fast.

 There are also some expectations in the future that house prices growth will continue rising and new homes will be built. Not forgetting that the mortgage interests have fallen thus many people now own homes. There are new housing orders as well as new starts have also risen. As the analysis’s shows there is some evidence that house building materials costs have also fallen. This in turn helps people to build more homes and selling them off.Is the housing market in London improving? You can now be able to answer this question after reading the article. Hoping that we have answered this question for you, you can now invest in the property market. You can also afford to buy a home, thanks to the financial assistance provided by the government.If you are afraid of the market fall you can rest assured that the market won’t fall up to 10% over the next two years. We are sure that you will be happy in your new home because you could be stuck there for the next five years time to come. Now you know that the prices are down and the housing market is favourable for your pocket.