Confidence may be starting to rise in the UK property market. A recent poll by the building societies’ association found that over 40% of consumers agree that now is a good time to buy property.
With the property market at a record low due to the recession and the failure of banks to lend to each other are the major factors in property prices dropping. This is why people where not having the confidence in buying homes. That and the fact that interest rates were very high seen an all time low in confidence in buying homes. Now with interest rates being very low and most banks passing on the cuts more and more people are beginning to release that now is the time to start buying.
This figure has risen by 10% percent since September which shows that confidence is heading in the right direction. With December traditionally been a quiet time for people buying homes we will have to wait another couple of months to see the true effect of the recent efforts by the government to install more confidence in the property market. One other reason that there is more confidence in buying property is that the number of people who think paying their mortgage is a problem is on the decrease.
It is not just the UK that has seen increased interest with the US Federal Reserve recently announcing base rates cuts it is becoming more and more apparent that now is a good time to invest in overseas property as well. The Federal Reserve recently announced another cut which now brings in down to between 0-0.25percent. Looking to see what efforts the US are taking to stabilise the economy can be a good idea as what happens there has a global nock on effect. The decision was reached due to falling economics output and lower consumer spending.
If however you are still renting or are indeed looking for flats to rent in Stirling I would take a look here and even if your looking for property to rent in Bristol.
This all seems good and welcome news as things need to improve if we are going to kick start the property market. Although the forecasts for next year are still grim with unemployment set to raise this will surely have an effect on the ability for people to obtain a mortgage. If the buying Market gets more buoyant this will also lead to more jobs.
