Britain’s Two-Tier Property Market Creates Wider Gap Between Homeowners
Despite the average property value falling throughout 2011, the number of property millionaires grew. This irregularity serves to widen the gap between the average homeowner and the very wealthy and means that the highest end of the market is booming while the rest struggles. 26,744 new British property millionaires were created in 2011; there is a great demand for top-end homes which has pushed up the average price up for equity-rich buyers. Currently, 253,118 British properties are valued over £1 million which equates to 1 in every 108 homes.At present, the average home is valued at £221,128 which is 3% lower than in December 2010. In contrast, the average value of properties costing over £1 million is £1, 688,379 which is a rise of 2% since this time last year. A large proportion of the high value properties are in London, Surrey and counties in the South East. As a result of their financial positions, cash buyers or high-end purchasers are benefiting from low mortgage rates and strong demand from overseas buyers means boosted prices, especially in the Capital.
These statistics show just how differently the top of the market is performing compared to mainstream Britain. One area of the market flourishes while the other is struggling; inflation, interest rates, deposits, stagnant wages, redundancies, unemployment and limited mortgage finance are all contributing to the awkward market conditions for the average homeowner. With Britain’s wealthy stoking an already prospering market, the gap between them and the rest of Britain will widen and the market conditions for those with properties costing below £1 million could worsen. Even tougher conditions would wreak havoc in an already unstable, falling and slow market: there would be more properties on the market, less buyers available and asking prices would fall and fall.
Whichever rung of the property ladder you are on, whatever your situation and whatever your timescales, Quick Move Now is uniquely placed to provide a formal cash offer, guarantee the purchase and tailor our service to suit you. We cover solicitor’s costs and survey fees, estate agency fees will be avoided and there is no cost involved to obtain a no-obligation offer which means that you can take charge of the sale and avoid the difficult conditions on the market. We buy directly from the vendor, do not need a mortgage and do not rely on investor buyers, thus separating ourselves from the services provided by and problems associated with estate agents or other quick sale companies. For flexibility, reliability and an assured sale, contact Quick Move Now on 0800 068 3366.
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