Short Dip in UK Housing Sales
Luke Elston, Negotiator, PAD4U Letting Agents Manchester writes:
Figures from UK Land Registry are disappointing on the face of it with a 0.1% reduction in UK property prices between July and August. However, when you consider the traditional summer lull which occurs nearly every year, the situation is perhaps nowhere near as bad as some people would have you believe. The average price of a property in England and Wales is now £155,968 and thankfully the annual rate of fall in UK house prices is now just 9.4% against 16.3% in February.
While there is no hiding the fact that property prices have fallen, many people believe that there is underlying demand but a lack of supply. As a consequence, experts in the property sector do not expect further downward pressure unless we see a large deluge of property introduced to the market. Again, as always, regional performances in the UK property sector are very different with the South of England performing better than the North, at least for the time being.
Whether this particular report will be enough to persuade UK banks to increase liquidity in the short, medium and longer term is open to debate but there is no doubt that the Bank of England and the UK government are very keen to follow this route. Without liquidity the UK property market is effectively being starved of food and water!
On the positive side, the lettings market remains strong, which is good news for all our landlords! So if you have any properties which require tenants, or know anyone who wants to take advantage of the service we provide here at PAD4U, then please contact myself or Paul.