It would appear that things are not looking good for property owners or buyers in the UK.
According to the International Business Times:
U.K. house prices recorded their largest fall since January 2009 in October signaling that the property market is cooling fast. The average cost of a
home dropped 0.9 percent as compared to the previous month dip of 0.4%. The average cost was at 156,200 pounds ($248,764) in October,
marking the fourth month of falling prices.
Buyers demand also fell 2 percent, while the number of homes for sale rose 1.9 percent. The number of home loans approved also stood about half
that seen at the peak of the boom in 2007.
The figures, were released soon after the latest Bank of England statistics which showed that September U.K. mortgage approvals fell, suggesting
that U.K. housing market is still fragile and might not be ready for another quantitative easing (QE) planned to be implemented by the national bank.
Mortgage approvals were little changed at 47,474 in September more than the economist forecasted.
Even Nationwide Building Society recently said that U.K. house prices fell to an eight- month low in October. Obtaining a mortgage will get even
more difficult after the new regulation kicks in. First time buyers will also face difficulties as lenders make it more difficult by asking for larger
deposits. Even the Bank of England have raised concerns over the increased number of borrowers that are unable to pay back their mortgage.
Despite strong economic growth between July and September, there are still concerns that the last month's government spending cuts may further
hit consumer confidence, making the recovery fragile.
What about Ukraine? - I would like to make a very clear and loud statement to the many property developers and owners in Ukraine, particularly in the city of Kyiv.
THE PRICE OF PROPERTY AND LAND WILL NOT COME BACK TO THE LEVELS IT WAS PRIOR TO 2008.
WE WILL NOT...REPEAT NOT... SEE A RETURN TO THE CRAZY PRICES WE SAW BEFORE.
SO IF YOU HAVE A CHANCE TO SELL A PROPERTY NOW, JUST SELL IT. IF YOU HAVE A BUYER TREAT THEM LIKE VIPS BECAUSE YOU DO NOT UNDERSTAND HOW LUCKY YOU ARE TO FIND SOMEONE WHO HAS CASH TO BUY ANY PROPERTY.
You would think it was easy being a BUYER in Ukraine when you are looking to buy land or a house. Plus when you do not need a mortgage. But no this is Ukraine, the owners/developers are still dreaming about selling property at higher prices. The banks are NOT providing mortgages unless a client has a large cash deposit and is prepared to pay very high interest on the loan.
There have been very few property sales in Ukraine during 2010. DO NOT let any agency or others involved in property tell you otherwise.
In fact come to think of it, winter is now fast approaching. My advice is DO NOT buy any property in Ukraine until Spring 2011