The condition of the UK property market is still severe. No one is expecting any resurgence so suddenly but it must be said that the related individuals are less gloomy these days. What can be the main reason behind this change of attitude? Well, there has been no development in the market scenario but people have become acquainted with the stark reality. Is there any hope of any revival? It is, indeed, very difficult to say if we look at the situation of the market. According to a vast multitude of information, there has been the presence of one in five properties in some areas of the UK for the whole of 2008. The picture is quite dreadful, indeed.
How do you find these data? Remember that these information stem from the studies of the eminent property website Globrix and according to it 5% of homes for sale have been remaining unsold throughout 2008, on an average. Hopefully the picture is not so grim in every part of the country but it is most critical (perilous) in the north of England. What has led to this unsafe condition? Is there the handiwork of any external agency? If we go through the studies of the group, we well find that this year has witnessed the most unsafe condition in terms of economy. There has been no break in the fall of prices all over the year and banks, as a result, have found this as the most opportune time to squeeze the availability of mortgages, particularly to those unable to offer a large deposit.
Globrix has also identified the areas where sellers are having the greatest difficulty in shifting their properties. The first of them is Rochdale in Lancashire where 26% of homes for sale are in the market for the whole of 2008. The others are Aberystwyth (23%) and Swanage in Dorset (20%). However, Manchester is the first city on the list.
When will this nightmare end? Everyone is searching the answer. Do you have?
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