2011 will be the best time to buy property in the UK, survey reveals

Considerable uncertainty remains in the UK real estate market but the public considers the best time to enter the property market to be within the next year, a new survey suggests.

The immediate outlook for the housing market remains uncertain but 43% believe it is currently a good time to buy property, while 26% think it is not and 24% have no opinion either way, according to the December 2010 Property Tracker survey from the Building Societies Association. This compares with a year ago when 58% agreed it was a good time to buy.

On average, property prices are expected to be flat next year. The median price prediction is for prices to be the same level in a year’s time, although 33% thought that prices would rise, while 36% believed prices would fall in the next 12 months.

The survey also reveals that a substantial proportion believe property remains overvalued with 38% of respondents thought that properties in their area were over priced, with 25% believing that properties were over valued by 10% or more.

However, most people would not wait long to enter the market, if they were able to. Some 59% would buy immediately or within the next year, given sufficient resources, and a further 11% would buy in the following twelve months. Some 12% would wait for two years or more. This suggests that even if prices are due to fall, most people expect them to bottom out within the next one to two years.

‘Although the housing market remains uncertain, the public does not expect house prices to fall as dramatically as they did two years ago. As such, many expect that the best time to enter the market will be in the next year or so,’ said Paul Broadhead, head of Mortgage Policy at the BSA.

‘However, barriers remain that might prevent potential buyers from acting on these perceived opportunities. Worries persist about job security, the ability to raise a deposit, and obtaining a mortgage from lenders. These factors might inhibit demand for house purchase from growing as strongly as it might,’ he added. (Dec. 17th,2010 Property Wire)

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Canadians Buying A Piece Of America

A recent study done by the National Association of Realtors showed that Canadians have purchased 23 per cent of all real estate sold in the United States in the year ending March 31. That is more than any other foreign country. Mexicans came in at a distant second with only ten per cent followed by China, the United Kingdom and Germany, all purchasing around 8 percent of the American housing market.

Association president Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Arizona says. "While all real estate in the U.S. is local, the same is not true for property owners." She also adds that, "A large majority of realtors report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value."

The results of the survey done by the National Association of Realtors also showed that the average single-family home sold for $219,400 US, down from $247,100 US in 2009. With a combination of falling home prices in the U.S. as well as a strong Canadian dollar, the incentive for international buyers is most certainly there. Most of the foreign purchases, a total of 53 percent, occurred in the 'sun belt' locations of California, Texas, Arizona and Florida, but purchases were made in 39 of the U.S. states in so far in 2010 and if prices stay where they are and the Canadian dollar continues to climb, 2011 is very likely to bring the same outcome.

With housing prices down with our southern neighbours and up in our own country, it is not difficult to see why home purchases in the U.S. are being viewed as investments. Many purchasing homes are doing so with the idea of using these properties as rental income. Even the new stricter rules and bank regulations have not stopped many people from purchasing homes to turn a profit. Purchasing a home is a large personal investment many will make at some point in their lives. If you are one of the millions of Canadians considering a home purchase, now may be a really great time to look at property south of the border and get in on a good opportunity.