We all have our eyes on the price of houses in the UK at the moment. Not just because we may be looking to buy one, or want to know how much ours is worth, but because house prices are a good indication of how the country is doing financially in a kind of microcosm of overall economic measures.
Weather
If the last few weeks have been anything to go by the weather in the UK is heading towards the wet end of the scale. Surprisingly the state of the weather on the day that people go to view a house can have a big impact on the opinions of the buyers. If the UK is on for its wettest year on record, then the number of houses sold will be affected, even if those buyers don't know it.
Immigration
Net migration in the UK rose in 2009 by 33,000 from the numbers in2008. If the trend continues there will be a net increase again in 2010 making an ever increasing amount of people searching for an ever decreasing number of houses. Prices will be affected accordingly.
Aging Population
The average age of the UK population is increasing year on year and 2010 is no different. More old people in the UK means (morbidly) that there are less houses coming up for sale so new houses must be built to accommodate the demand and price of older houses shoots up.
Government Spending
With the purse strings being tightened in the murky halls of Westminster, every council in the UK is facing less and less funding for new housing or for renovations to older buildings. This will probably have the biggest effect on house prices as the government and its councils are the biggest builder of housing in the UK. Without the money to accommodate all the immigrants and new families filling the country the prices of existing private housing will go up. It's simple economics.
Sellers
Greed is a terrible thing but if you are selling your house amidst these market conditions there must be a little bit of hand rubbing that takes place. However, there may be a lot of demand for a property such as yours, but the problem is that those looking to buy, just don't have the money to meet your wild expectations so making your house available only at an inflated price may be a catastrophe. It may be a good time to perform and house improvements or repairs that could add value to your home. Double glazing repairs to tired, old windows may be just just be the boost your house needs to sell. Lean to conservatories are a more involved house improvement, but they can add value to your home, while also giving you a nice space to use while you wait for your property to sell!
Sam Qam is a housing analyst evangelising for home owners to perform double glazing repairs and add lean to conservatories to their property if they are looking to sell.
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