Categorized | Featured, International

Housing Market in the United Kingdom is Falling Apart

Housing Market in the United Kingdom is Falling Apart
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While the housing market in the United States is finally starting to show signs of positive growth, the overall market in the United Kingdom is collapsing under the people’s feet. A panel of real estate market experts just recent published a report analyzing the housing market in the United Kingdom. Their report was not at all positive.

The group of experts called the residential real estate market in the UK a broken system. They believe that a housing market crisis is imminent, if not already taking place. The group’s report was very critical of the government officials throughout the region, stating that they are not doing nearly enough to prevent the situation from getting even worse.

The government, on the other hand, has lashed back. They believe that they have made progress in doing all that they can to fix the market as quickly as possible. The UK government had launched an Affordable Homes Program similar to that seen in the United States. The program is expected to build up to one hundred and seventy thousand new affordable homes. Its intention is to encourage homeowners to re-enter the market.

The residential real estate market in the United Kingdom experienced excellent growth at the beginning of the year, and created a lot of excitement in the region. However, as months have gone by and with the expiration of the stamp duty, the market has essentially tumbled from where it was earlier this year.

While the government officials feel as though they are doing all that it can to solve the housing situation, experts are accusing them of the opposite.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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