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It’s quite amazing just how much prices have increased over the last few years, just look at this graph produced by the Nationwide Building Society!

Real House Prices

The number one question I constantly get asked is ‘Will the property market crash? Surely it can’t keep booming?!’ Well ultimately the property market depends on five key criteria; Interest rates which may peak at 5.5% but these are still historically very low, low unemployment, low inflation, demand & supply and the very important feel good factor (known as market sentiment). The market is starting to slow up again; however the last few years have been pretty good. London has a great story for the future; the Olympic Games should ensure that property values remain buoyant together with a strong City, tourism, the new Wembley stadium and terminal 5 Heathrow to name but a few huge projects. The rest of the country will come off the boil in my opinion and struggle to maintain past property price increases

Housing Statistics

Between 1971 and 2004 the number of dwellings in Great Britain increased by 35 per cent, to 25.3 million.

In 2004 London had the highest proportion of new dwellings built on previously-developed land (excluding conversions), at 94 per cent. The region with the lowest proportion was the East Midlands, at 52 per cent.

Between 1999/2000 and 2003/04 the number of UK households that owned second homes abroad increased by 45 per cent to reach almost 257,000. Almost half of these homes were located in Spain and France.

In 2004 annual house price inflation was highest in the North East at 26 per cent, although average property prices here were still lower than in any other region of England.

General Trends

Population Growth
The UK has a growing population. It grew by 280,600 people in the year to mid-2004, and the average growth per year has been 0.4 per cent since mid-2001. The UK population increased by 7.0 per cent since 1971, from 55.9 million to 59.8 million in mid-2004. Growth has been faster in more recent years. Between mid-1991 and mid-2003 the population grew by an annual rate of 0.3 per cent.

Population growth has not occurred evenly across all age groups, however. The percentage of people under age 16 fell from 25 per cent in mid-1971 to 19 per cent in mid-2004. Over the same period, the percentage of the population aged 65 and over increased from 13 per cent to 16 per cent.

Divorce Rate
In 1961, there were 27,224 divorces in Great Britain, which by 1969 had more than doubled to 55,556. The number of divorces doubled again by 1972, to 124,556 in Great Britain and 124,991 in the United Kingdom. (This latter increase was partly due to the Divorce Reform Act 1969 in England and Wales, which came into effect in 1971).

In 2004, the number of divorces granted in the UK increased by 0.2 per cent to 167,116, from 166,737 in 2003. This is the highest number of divorces since 1996, and the fourth successive annual increase. This is 7.2 per cent lower than the highest number of divorces which peaked in 1993 (180,018).

With increased divorce rates the number of single people and single parent families requiring homes is rapidly rising. Couple this with an increasing and ageing population and it is easy to see why demand for new housing is so high.

(Source: Office for National Statistics)

For detailed reports and further information you may wish to consult these sources:
Council for Mortage Lenders
Department for Communities and Local Government

Nationwide - House Prices

 

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