UK House Prices up Again - but Does the Future Looks Bright for International Buyers, Asks Offshoreonline.org?By Offshoreonline.org, PRNE
Monday, May 3, 2010
UK Property Prices Continue to Edge Higher in Year to March 2010
LONDON, May 4, 2010 - (www.offshoreonline.org/) Terms Ease
The UK market has maintained its complex pattern of growth with news from
the Nationwide Building Society recently that house prices rose on average by
10.5% over the last 12 months to April 2010, the first time double digit
growth has been seen in the UK housing market on an annual basis for three
years. However, there is also much evidence to suggest that overseas buyers
are still an important force in the market, particularly in the London area
and this is having an impact on overall average prices. According to Land
Registry data, for March, annually, prices rose 13% in London, whilst in
Wales, where the annual change was lowest, prices rose by just 1.1%.
The average price of a house in London reached GBP376,605 in March. This
price is GBP748 above the previous high recorded in February 2008, prior to
the recent housing market slump. Given the overall economic and political
context this is a significant outcome, and it illustrates the unique
pressures and dynamics of the London market.
At the same time, there is evidence to suggest some lenders are beginning
to make getting mortgages easier with the return of 70% loans. Tim Harvey,
managing director of UK regulated expatriate mortgage brokers (
www.offshoreonline.org/) Offshoreonline.org comments, "Ever since the
credit crunch hit UK housing prices and lenders left the market in droves,
the picture for international borrowers has been quite bleak, with many
expatriate mortgage providers demanding a 40% deposit. Now, however, we are
able to negotiate 70% loans and have also seen some movement in interest
rates on better quality cases, with rates of 3.39% (
www.offshoreonline.org/form.asp?id=2625) now possible."
The supply side of the market is also showing positive signs, according
property portal Rightmove.co.uk. The weekly average number of properties
listed by Rightmove agents has now been over 25,000 for the last two months.
This is the longest period that supply has been sustained above 25,000
properties per week since August 2008, suggesting the ending of the last
Stamp Duty holiday has had a limited long term impact.
Commenting on the figures, Tim Harvey, managing director of UK regulated
mortgage brokers Offshoreonline.org (www.offshoreonline.org/) said.
"The UK housing market has produced some confusing data over the past 12
months, but this is to be expected as a market moves out of a steep decline.
Experience suggests that when any recovery does start, signals will be mixed
for some months. We believe we have now see the bottom of the market and
recovery is underway, albeit slowly."
Land Registry data supports this view with sales confirmed at 34, 171 for
January 2010, the most recent month data is available for. Compared to the
position 12 months ago when the equivalent figure was 26,208, this is a rise
Tim Harvey ends, "Buyers are showing signs of confidence and are coming
back into the market and actually completing sales, rather than just viewing.
For expatriates, this is important, as it means they should now take steps to
confirm mortgage facilities, so they can move more quickly, should they find
a property that matches their needs."
For more information of UK mortgages for expatriates and overseas
residents, visit www.offshoreonline.org (
www.offshoreonline.org/) or call +44(0)1364-72393
Note to Editors
Offshoreonline.ORG is a UK regulated specialist expatriate broker
offering advice on UK, French, Italian, Spanish and Turkish mortgages, life
insurance, pensions and savings for UK expatriates anywhere in the world.
Offshoreonline.org is the website of HR Independent Financial Services Ltd,
who are based in Devon.
Offshoreonline .org pioneered the concept of the discount broker in the
expatriate market when it started offering no fee deals on many popular
offshore savings funds in 1998.
Overall, the company aims to bring high quality UK regulated advice and
service to UK expatriates worldwide in the areas of pensions, mortgages and
life cover. The company is UK regulated by the FSA for investment business,
giving offshore customers the reassurance that they are dealing with a
For further press information:
Jenny Duffy +44(0)20-8333-9125
For further press information: Jenny Duffy +44(0)20-8333-9125, Email: jenny at nacelle.co.uk
Tags: London, May 4, Offshoreonline.org, United Kingdom