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UK Housing Market Activity in 2007
by Neil Parmer
The housing market has seen a slowdown for the majority of the UK regions mainly in the last quarter of the year. Unlike 2006, the housing market has been slowing down in most of the UK regions in the 2007 quarter 4. Regions like Scotland, North, North West and Northern Ireland has experienced a strong price gain compared to 2006.
In 2007 Scotland recorded the biggest price rise making an increase of 11 per cent as Halifax reported. Prices in Scotland kept increasing rapidly for last five years than any other region in the UK. This was explained by Halifax under the factor of affordability as average property prices in Scotland seem to be affordable for many people even first time buyers compared to any other region in the UK where average house price are too high.
Similarly, Northern Ireland has also experienced a high rise in home prices as it was recorded the second place that has seen biggest price rise in 2007. The region was found to be the most expensive place than any other region outside London. During the past five years Northern Ireland has been reporting dramatic increase in prices until it reached its biggest rise in 2006 with a 35 per cent increase compared to its previous year. So even though the increase in 2007 was not as high as 2006 the average value has soared by 9 per cent in 2007. This slowdown seems to be occurring in the region mainly due to the sharp increase in prices which has made affordability worse than the previous years.
In addition there are other regions which have experienced small rise in house prices in 2007. This was mainly seen in regions like East Midlands where the average house prices has increased by 0.6 per cent and Yorkshire and the Humber by 1.4 per cent.
On the other hand, Halifax (2007) House price index has reported eight regions in the UK that have experienced a decrease in prices in the last quarter of 2007. The biggest fall was reported in Grater London (6.3%), South East, and East Midland (2.3%). This fall, however, has been explained as soft landing in the housing market after the substantial rise of house prices and the increase in interest rate in late 2006.
Overall, the UK housing market activity seems to be coming to an end of it is cycle. Although there are different factors which may explain house prices change which will be covered in the next chapter, the UK housing market as whole seems to be facing this drop in the prices mainly due to the significant rise which the UK house price has experienced in the last decade.
About the Author
The author works for St. James Investments. St. James Investments is a real estate expert and can buy your house direct from you. Please click here to sell house fast.
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