Categorized | International

Residential Real Estate Prices Increase in the United Kingdom

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Despite somber predictions regarding the housing market both nationally and worldwide, prices in the residential real estate market of the United Kingdom experienced a slight increase during the past month. Prices went up roughly a half percent during month, bringing prices up to nearly one percent more than they were last year.

While the news of the increase is certainly celebrated, residential property analysts in the United Kingdom are cautious to say anything positive about what’s to come in the future of the property market in the UK. Even with the latest increase, many analysts believe that the market will experience a slight decline in sales and prices during the fourth quarter and into 2012.

The looming possibility of another worldwide economic crisis may come to have an even greater impact on the housing market in future months. Lenders around the world, and particularly in the United Kingdom, are becoming more stringent in terms of who qualifies for mortgage loans.

In analyzing the home sales that took place during the last month, it is clear that the more affluent areas in London continue to thrive. In such areas, housing sales have increased by three percent in the last few years. On the other hand, there has been a slight decline in housing sales in the less affluent areas of the United Kingdom. Such areas have been suffering the most, as the economic situation in the UK grows more and more uncertain.

The slight increase in property prices in the United Kingdom may very well be the last in experiences in the near future, though sales in the prime affluent markets will likely dictate the overall numbers in the coming months.

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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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