What is happening in the international housing market?
Since 2008 the UK house market has been in the doldrums apart from a few hot-spots such as houses valued over £1 million in London and a few other prime residential areas. The average house price has fallen by 10.2% in the UK since its peak in 2007 but how have other nations fared and what about those of us who invested in houses abroad in the good times in the 90s and early 00s?
Well there are some big decreases in countries like Spain where the bottom really has fallen out of the market with an average 22.4% decrease in prices since 2007. This is the average though and some areas have fallen much more than this and while this is a lot the dire situation of the Spanish economy suggests house prices may keep falling as unemployment rises and the euro looks precarious.
While some countries have fallen many have rising house prices such as Switzerland with its incredibly strong currency having increased by 21% since 2007 and Hong Kong by an amazing 63.6% riding on the back of the Chinese property market.
Some examples of winners and loosers where the British also have second homes are below with % change from 2007.
During these four years as people have not wanted to purchase houses or the banks have not given them mortgages they have had to rent and rents have risen in many countries reflecting this increased demand. Many are complaining that rents in large cities such as London have never been higher and because mortgages are so low its often much cheaper to buy a house and pay a mortgage than to rent if you can.
This doesn’t affect the over 50’s so much, and for those with a disposable pot or the ability to get a mortgage, purchasing property in certain countries is an opportunity in this current economic climate.
Latest posts by Sally - Silversurfer's Editor (see all)
- Are newspaper stories to blame for destroying lives? - February 15, 2020
- Easy Tips to Create A Wildlife Friendly Hub in Your Garden - February 14, 2020
- Mythbusting for escorted touring newbies - February 14, 2020
- A 5-step guide to choosing care at home - February 14, 2020
- Madeira – Crowned Europe’s Leading Island Destination 2019 - February 13, 2020
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!