Evidence Mounting of a Possible Bursting Bubble in UK Housing Market
Many housing experts are predicting the high possibility of a bubble bursting within the UK housing market. As the average price of a house has now reached 6.1 times the average income, they could be proven right. The current house costs rival those of the all-time high of 6.4 times the rate of income which took place just prior to the economic crisis. House prices will now have to fall almost 50% in order to align with house prices found before the year 2000.
The factors which naturally lead to a possible bubble bursting are beginning to add up. Demand for property within the heart of London is falling and regions across the country are following suit. The buy to let sector is not showing any more strength than the residential market. The new stamp duty enforced the beginning of April did not help either.
As factors leading to a possible bubble bursting mount, the remortgage market remains a good solid area for house owners. Low interest rates attached to attractive deals abound, as well as low administration costs.
House owners who are still unaware of the benefits of a remortgage could be missing out on years of saving pounds and relieving stress. Lenders are making the process simple from start to finish and access to funds stored in home equity has never been more valuable.
A remortgage can revive the family budget and make the years ahead look much more promising. Many house owners are currently finding a remortgage the answer to more than just a lower house payment.