At the start of the year, predictions abounded about the housing market in 2007 - A slowdown in growth and movement? Interest rate rises? A price crash?
It all depends on where you live. The London market continues to fuel the property market at large, but there's lots going on elsewhere. There's mixed fortunes, price rises and affordability issues in the South and North, while Scotland and Wales have experienced unprecedented levels of growth.
Seven months into 2007, we take a look at the property market by region to get behind the headlines. And we want to hear what you think.
Explore by region alongside ›
The housing market by region
Your comments (13)
FRESH (Great Yarmouth), on 10/01/2008 at 10:01
Pessimistic pete wrote:
Two real reasons why house prices keep flying high are a. the high level of immigration about which nobody wants to talk - and the Government keeps fibbing, and b. up till now, the relatively easy access to loans with Banks throwing the money at applicants. But this is changing.
Talk of it being a buyers or a sellers market is irrelevant - if selling, you have to buy another, so it must equate. And it is being made all the more difficult by this incompetant Government with owner's packs having become law.
You forget that the high price we have seen over the summer is also fuelled by the buy to let market! Large bonuses by city workers, individuals moving their pensions into property. It is not all immigration. I must add, local government not receiving or miss-spending funds needed to plough back into their local housing stock.
We are looking at a slump with the flood of rental property being put up for sale, and first time buyers find it even harder to get a mortgage with lenders raising the criteria for loans.
Just my view!
Alex (Merton), on 04/12/2007 at 17:20
You live in a more expensive village than any in London love!
Al (Merton), on 04/12/2007 at 16:59
Hardworker in Farnborough wrote:
"Tom .GLASGOW (Glasgow City), on 05/07/2007
The cost of living is no higher in the south east than anywhere else. House prices are higher only because the middle income earners think it worth their while to pay these inflated prices to have the "proper address" A house is only worth what someone is willing to pay for it. "
I'm sorry Tom but your comparing apples and oranges here… I live in a run of the mill average village in Hampshire, not touristy and not exclusive. A pint down the local costs £3.80, a bag of chips £1.70, an 8 minute bus ride £1.80….
Now I see your in Glasgow, Scotland's largest city, so yes things may cost the same where you live. But I was up in Scotland recently and once your out of Glasgow the prices drop significantly. Yes that price differentiation exists the same for me compared to London. But if you want a fair comparison of the costs of living try comparing Halket or Kilbirnie to places like Farnborough/Guildford/Dorking as they are all around the same population and distance from major cities, I think you'll find the South East isn't just filled with "proper address" wannabees, but hardworking people who simply have jobs in the South.
You're being ripped off in that Hampshire village you should go out in mine as it's only £290 for a pint of Stella!
Chris W Cheadle Hulme (Stockport), on 03/12/2007 at 16:50
I reckon Tim is bang on. Seems to me that we as a nation spend too much time whinging about folks being racists which is an easy card to pull really and in my experience English folks rarely are. Even if some are - they should be entitled to their views to attain some balance as we have lost all our balance over the past few years. Charity needs to begin at home with the old and young at the front of the queue
Laura Smith (Leeds), on 15/11/2007 at 05:38
Pessimistic pete wrote:
Two real reasons why house prices keep flying high are a. the high level of immigration about which nobody wants to talk - and the Government keeps fibbing, and b. up till now, the relatively easy access to loans with Banks throwing the money at applicants. But this is changing.
Talk of it being a buyers or a sellers market is irrelevant - if selling, you have to buy another, so it must equate. And it is being made all the more difficult by this incompetant Government with owner's packs having become law.
Pete I agree, if it's a sellers market you achieve a good sale price for your house and then pay over the odds for someone elses. If it's a buyers market you get knocked down on price so you knock the people you buy off down.
The exceptions to this of course are 1st time buyers, who now can't afford or are to inexperienced to get on the property ladder and the investors, who wisely take advantage of the fact that through Immigration, poor lending and the shortage of affordable housing, housing demands are low for purchasing, but high for renting and are continuing to purchase buy to let properties, which keeps the market afloat despite the government and medias efforts to create a property crash.
By the way abolish the HIP's it's pointless and makes it an expensive process for you to even advertise the fact that your property is for sale.
Skip to comments | Add a comment
Tim (South Kesteven), on 12/11/2007 at 20:11
Thousands of low cost poor quality houses are being built in east anglia to house immigrants - which is causing prices to drop particularly at the lower end. Those with money are going abroad to live and those without are coming to England to live, where it all going to end? I and many others just dont understand it but I do believe we should learn from the French; close our boarders, stop building and start looking after our country.
Pessimistic pete (Hillingdon), on 02/11/2007 at 23:24
Two real reasons why house prices keep flying high are a. the high level of immigration about which nobody wants to talk - and the Government keeps fibbing, and b. up till now, the relatively easy access to loans with Banks throwing the money at applicants. But this is changing.
Talk of it being a buyers or a sellers market is irrelevant - if selling, you have to buy another, so it must equate. And it is being made all the more difficult by this incompetant Government with owner's packs having become law.
haypdsa (Gosport), on 29/10/2007 at 21:14
I came from manchester the 17th worse place to live in the uk. i would of thought it was the first lol. i moved to hampshire gosport 4 years ago and i think its brilliant down here. the people are great, the location is brilliant, great location surrounded by great locations 100/10 for me
David (Epsom and Ewell), on 30/08/2007 at 16:05
Paul wrote:
As surely as night follows day, there's a property crash or at least serious correction coming.
It always has before and with property over valued, it always will. I'd expect to see a fall of around 20%.
Now is a great time to sell (if you can) but a poor time to buy - the laws of supply and demand will do the rest.
Are you sure 'Now is a great time to sell, but a poor time to buy'? When I bought my first property in 1999 everyone told me I was mad, because prices had exceeded affordability and a correction was due. I bought anyway and the following year the value increased by 33%. If I'd waited I doubt if I would ever have got on the ladder. I understand house prices have risen on average at around 5% per year over the last 100 years. Think long term investment and buy what you can while you can - just make sure you can make the payments if rates keep going up and you get a spell of negative equity.
oz pete (Ashford), on 03/08/2007 at 07:07
Let me help you with this, property prices are all about confidence, when you can see your earnings improving you can see a future and a few more pounds is ok because you got a few more pounds for yours, this is repeated at a rate faster than inflation until remorse exeeds confidence then you get a pause in the increase in values or (if we have been a little too confident) a crash, and a return to the normal value/earnings ratio. Higher area house prices also tend to keep out the riff raff ( even though you may have been riff raff yourself till you learned how to save) and a no riff raff area does have its attractions. But never mind the accusations and name calling , what it is all about is freedom, and you must take responsibility for your own future because you have both the freedom to succeed and also the freedom to stuff it up, good luck to your family.
What are these?
These links appear on every article on UpMyStreet. They enable you to share any article via email or social bookmarking websites (digg, del.icio.us, Facebook).
Clicking the 'email' link will bring up a message window where you can enter someone's email address and send them a link to the article you think they would be interested in.
The 'digg', 'del.icio.us' and 'Facebook' links will add the article link to the specified social bookmarking site. This will save the link for your future reference and will enable you to share it with other people who are likely to be interested in the subjects covered by the article.
These websites require you to register, but registration is quick and free.
Digg registration:
http://digg.com/register/
del.icio.us registration:
https://secure.del.icio.us/register?noredir
Facebook registration:
https://register.facebook.com/r.php