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Property Valuations In UK on the Increase

UK Residential Property Values Increase Across the UK

According to Nationwide 9 out of 13 regions in the UK recorded residential property price rises in 2011, with London the best-performing region (+5.4%) and Northern Ireland the worst-performing region (-8.9%).

Property prices in Scotland are down 0.8% on the year, having remained steady in the final quarter of 2011, in Wales prices ended 2011 up 1.5% despite having lost 0.9% in the final three months.

For the UK as a whole, the typical value of home stood at £164,785 in December, following a 0.3% increase during Q4 which helped produce an annual price rise of 1.1%.

However, at 5.2, the average house price to earnings ratio remains above the long-term average of around four, although down from a peak of 6.4 in 2007.

Due to continued property price falls, Northern Ireland is now the cheapest UK region in terms of average prices, and also the most affordable relative to average earnings.

The North remains the most affordable English region, while annual price growth of 5.4% has consolidated London’s position as the least affordable region, with a house price to earnings ratio of 7.4.

In 2012 the market is likely to be dominated by fears over rising unemployment, the squeeze on household incomes and the Eurozone finance crisis.

Forecasts for 2012 are for property values to remain stagnant at best.

Shortage of suitable property supply should continue to underpin the market, although Halifax recently reported that there were only 187,000 First-Time Buyers (FTB’s) in 2011 – the lowest annual total since the lenders’ records began in 1974.

A Channel 4 TV programme is set to reveal the scandal of over 1 Million empty residential properties in the UK

There are 2 Million people on housing waiting lists – and yet 1 Million properties are still remain empty or uninhabitable.

Along with landlords from hell, the empty property debacle is one of the issues being aired in Channel 4’s new ‘Great British Property Scandal’ season which starts on TV tonight.

Tackling the 1 Million empty residential properties across the UK is one of the top priorities of the Government’s new housing strategy and a key feature in the drive to increase the provision of affordable housing.

Channel 4’s decision to address the nation’s housing shortage in a season of four programmes this week seems prescient, coming hard on the heels of divisive Government housing initiatives – in particular, the drive to restart council house sell-offs

As yet there has been no mention of agents or individuals in any of the publicity material released by the television company, but the series does promise to be uncomfortable viewing for many UK landlords.

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