The London property market is still only slightly less bleak than the weather, but respite is in sight for both. The UK has experienced tough times indeed as citizens continue to grapple with the effects of the worst economic recession in 50 years, and the worst weather spate in 40 years. This unhappy combination of factors has not made for the best start to 2010.
Though the property market displayed between three and six percent growth last year, one out of six estate agents was forced out of business.
In November 2009 mortgage approvals rose by 3000 to 60 518, the highest since March 2008 but this is not to say that people can now buy houses willy-nilly. Lenders are still exercising caution, with the average deposit amount for first time buyers rising sharply from 18 to 26 percent.
While conflicting positive and negative indicators leave ordinary citizens scratching their heads as to the future of property in London and all over Britain, agents agree that 2010 may be slow, but the next five years will see prices going up by anything from 30 to 68 percent. We can tentatively say that the worst is over for the London property market.
We can more confidently say the same for London’s weather.
At its worst, heavy snow fall blanketed roads and railways leaving many stranded in their houses, following warnings to travel only when absolutely necessary. Businesses, schools, sports matches and transport systems were severely disrupted at the start of 2010, with subsequent shortages in gas and grit adding to the chaos.
However this weekend saw temperatures climbing to above-freezing, and snowfall was lighter than expected. Although the extreme cold is likely to continue for another 12 days, the end is in sight and affected areas are slowly starting to recover. Hundreds of schools reopened today, Monday 11 January, ahead of the important exam period.
It seems that trying times are slowly but surely drawing to a close. London home owners will soon breathe a collective sigh of relief as before long they will be able to first venture out of and then buy or sell their houses.
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