In the second quarter of 2009, house builders began building about 29,980 homes in the United Kingdom. When you consider the fact that London alone has a population of about 7,700,000, this figure seems low; however, when evaluating the house building market in Great Britain, it helps to understand that the rental industry plays a huge role in the housing market. Not only is it very profitable, but in places like London and the surrounding areas, rental property provides housing for a majority of the population.
Until recently, the lack of demand for private housing made renting a home cheaper than owning one because mortgage interest rates were high. Private investors who engaged in what is termed buy-to-let (buy to rent property) found it easy to get mortgages for investment property.
Due in part because of the rental industry, in January 2009, the housing market in the ทาวน์โฮมมือสอง ราคาถูก United Kingdom was suffering from fewer builder applications for new homes. It was down almost two thirds from the same period the year before. By August 2009, however; sales were up about 52% from the same time frame the previous year. Over the quarter ending in June 2009, the amount of new homes being built rose about 63%. Overcrowding and a desire for privately owned property increased the demand for new houses and ultimately made it a little more difficult for investors to buy rental property.
Mortgage companies are now starting to provide more incentives for first time home buyers to purchase new homes. The British Government is looking into shared ownership plans which would involve a three-way ownership between the government, the lender, and the buyer. Tax breaks for first time home buyers are also being evaluated. Special incentives for teachers and health-care workers (called key workers) are being considered. As loans are being made easier to obtain for first time home buyers, new home building is beginning to pick up again.
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