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The State Of The UK Housing Market 2013

THE STATE OF THE UK HOUSING MARKET £847,911,798,000 Owed nationally on mortgages £70,000 Average property debt per household O 50.5% Consider their mortgage debt a burden Home Ownership Breakdown Own outright Own with mortgage Social Renters Private Renters Of the 21,533 households in the UK 67.4% either own their home outright or with a mortgage. Of the remainder, 15.6% are social renters (through councils or housing associations) and 10.5% rent privately. Between 2004 and 2011 there was a 56% increase in private renters. Just 2.5% of Owner Occupiers moved home last year while 32.5% of private renters moved Slow Recovery In Property Transactions 1800000 1600000 1400000 1200000 1000000 800000 600000 400000 200000 Despite slight signs of recovery, with transactions edging over the one million mark in 2011/12 and 2012/13, total property transactions are still far below their peak in 2006/07 and a fair way even from rates achieved after the last housing crisis in 1991/2 where prices fell dramatically amid soaring interest rates Historically low interest rates 2004 2 Year 75% LTV Fixed Rate Mortgage Standard Variable Rate BoE Base Rate Since the start of the financial crisis in 2008 the government have slashed the Bank of England Base Rate to stimulate the housing market. While this has lead to a slight reduction in mortgage rates it has failed to significantly stimulate the market, as can be seen in the transaction figures above. Property Prices Fall (And Rise) 1200000 1100000 1000000 900000 800000 700000 600000 500000 400000 300000 20000 1000 2004 Kensington & Chelsea North East Average London Average National Average While the national average has shown a gradual recovery to 2006 levels the market is still well below the peak reached in 2007. These averages also hide the true picture of property prices, where soaring property prices in London are pulling up national averages, driven in large part by desirable areas such as Kensington and Chelsea. Meanwhile property values in areas that have been more dramatically affected by job losses and cuts have continued to decline and show no signs of recovery. Sources: Bank of England Statistical Interactive Database, HMRC Property Transactions, Land Registry, Office For National Statistics, Department for Communities & Local Government TURNER SYMONS REMORTGAGE DEALS 1992-93 1993-94 1994-95 96-66 L6-9661 86-L661 66-8661 00-6661 2000-01 2001-02 2003-04 2004-05 2005-06 LO-9002 80-LO07 60-8007 2009-10 2010-11 2011-12 2012-13

The State Of The UK Housing Market 2013

shared by jonnyp on Jun 04
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Infographic exploring the changes in the UK housing market since the financial crisis, including a look at volumes of transactions, interest rates and average house prices.

Publisher

Turner Symons

Category

Economy
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