How would you describe the uk housing market?
General opinion is that prices will continue to drop. The economy is not in a good place, and more people will be forced to sell their properties due to financial hardship before the economy turns a corner. This means more property on the market, depressing prices. This is drop is being softened by the many buyers who have previously been unable to afford to buy, and are now finding that they can buy. However, more buyers = less renters, which will hit rental income in the buy-to-let market hard, and may accelerate the number of people unable to meet repayments and therefore trying to sell their properties. It’s a vicious circle. Nationwide announced only last week that they thought prices are set to drop another 15% before the market bottoms out. Nationwide is usually optimistic about the property market, but also tends to lag behind what is really happening in the market by a bit. Estate Agents are said to be suffering, with some saying they are only making 1 sale a week, and that th