UK Property has come under close scrutiny of late with much of the UK property market reporting losses over the past nine months. The level of drop varies greatly throughout the country; the greatest drops are in Greater London while Scottish property continues to rise.
While we can safely say that a correction is taking place it doesn?t mean that there are no investment opportunities in the UK, in fact it may be getting close to the time where if you have cash, or are able to raise the cash some well priced property may well be up for grabs.
Although there is speculation of a property crash to parallel the early nineties, I find that unlikely. The early nineties had very different economic conditions to deal with, 4% interest rates and 5% unemployment were at the time seen as targets, not economic bad news. Add to these factors that there is a housing shortage in the UK, which is being exacerbated by the major house builders suffering from lack of finance.
While there is a shortage of first time buyers, there are still investors and families on the move looking for bargains, the influx of migrant workers is also pushing up the need for housing in the rental sector and this in turn offers buy to let opportunities and this is certain to grow in the medium term.
Property in the UK will continue to be good value for money for a long time to come and when the banks finally sort their act out and the first time buyers once again get in on the act, we will once again see growth in UK property.