This is an explanation of the current housing market in the United Kingdom. The author looks at the overall situation in the country and then compares and contrasts different regions. The article primarily uses different financial indices to illustrate the current housing market. The regions included are Scotland, Northern Ireland, Wales and the English counties. The article attributes both growth and shrinkage of the markets to the effects of supply and demand. The availability of bank mortgages to borrowers is an important factor is buying price of houses.
- Housing prices skyrocketed for a while but are not starting to fall again.
- A regional discrepancy exists between the housing market prices of London and areas of Scotland.
- Housing prices seem to be dropping because demand has gone down considerably and there is a surplus of homes available for sale.
“Local economic conditions appear to be the main drivers of house price performance, not national conditions.”
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