UK House Prices up Again - but Does the Future Looks Bright for International Buyers, Asks Offshoreonline.org?

    LONDON, May 4, 2010 /PRNewswire/ --
    - UK Property Prices Continue to Edge Higher in Year to March 2010
    - Supply of Properties Rises
    - Volumes of Sales Rise, as Expatriate Mortgage
    (http://www.offshoreonline.org/) Terms Ease

The UK market has maintained its complex pattern of growth with news from the Nationwide Building Society recently that house prices rose on average by 10.5% over the last 12 months to April 2010, the first time double digit growth has been seen in the UK housing market on an annual basis for three years. However, there is also much evidence to suggest that overseas buyers are still an important force in the market, particularly in the London area and this is having an impact on overall average prices. According to Land Registry data, for March, annually, prices rose 13% in London, whilst in Wales, where the annual change was lowest, prices rose by just 1.1%.

The average price of a house in London reached GBP376,605 in March. This price is GBP748 above the previous high recorded in February 2008, prior to the recent housing market slump. Given the overall economic and political context this is a significant outcome, and it illustrates the unique pressures and dynamics of the London market.

At the same time, there is evidence to suggest some lenders are beginning to make getting mortgages easier with the return of 70% loans. Tim Harvey, managing director of UK regulated expatriate mortgage brokers ( http://www.offshoreonline.org/) Offshoreonline.org comments, "Ever since the credit crunch hit UK housing prices and lenders left the market in droves, the picture for international borrowers has been quite bleak, with many expatriate mortgage providers demanding a 40% deposit. Now, however, we are able to negotiate 70% loans and have also seen some movement in interest rates on better quality cases, with rates of 3.39% ( http://www.offshoreonline.org/form.asp?id=2625) now possible."

The supply side of the market is also showing positive signs, according property portal Rightmove.co.uk. The weekly average number of properties listed by Rightmove agents has now been over 25,000 for the last two months. This is the longest period that supply has been sustained above 25,000 properties per week since August 2008, suggesting the ending of the last Stamp Duty holiday has had a limited long term impact.

Commenting on the figures, Tim Harvey, managing director of UK regulated mortgage brokers Offshoreonline.org (http://www.offshoreonline.org/) said. "The UK housing market has produced some confusing data over the past 12 months, but this is to be expected as a market moves out of a steep decline. Experience suggests that when any recovery does start, signals will be mixed for some months. We believe we have now see the bottom of the market and recovery is underway, albeit slowly."

Land Registry data supports this view with sales confirmed at 34, 171 for January 2010, the most recent month data is available for. Compared to the position 12 months ago when the equivalent figure was 26,208, this is a rise of 30%.

Tim Harvey ends, "Buyers are showing signs of confidence and are coming back into the market and actually completing sales, rather than just viewing. For expatriates, this is important, as it means they should now take steps to confirm mortgage facilities, so they can move more quickly, should they find a property that matches their needs."

For more information of UK mortgages for expatriates and overseas residents, visit http://www.offshoreonline.org ( http://www.offshoreonline.org/) or call +44(0)1364-72393

Note to Editors

Offshoreonline.ORG is a UK regulated specialist expatriate broker offering advice on UK, French, Italian, Spanish and Turkish mortgages, life insurance, pensions and savings for UK expatriates anywhere in the world. Offshoreonline.org is the website of HR Independent Financial Services Ltd, who are based in Devon.

Offshoreonline .org pioneered the concept of the discount broker in the expatriate market when it started offering no fee deals on many popular offshore savings funds in 1998.

Overall, the company aims to bring high quality UK regulated advice and service to UK expatriates worldwide in the areas of pensions, mortgages and life cover. The company is UK regulated by the FSA for investment business, giving offshore customers the reassurance that they are dealing with a reputable organisation.

For further press information:

Jenny Duffy +44(0)20-8333-9125

Email: [email protected]

SOURCE Offshoreonline.org