how difficult is it to own a home in the UK?

Question

i understand that the UK has a HUUGE population yet not much land area, i would think this would pose some issues when it comes to housing. even where i live ,where there is plenty of space housing is more expensive then i can afford but there are still many places in America where one could buy a home with a relatively low mortgage.
what does it cost to own a home in the UK, do most people rent? do most people live in apartments(flats i think you call them) how does it work out with so many people in such a small space!!?

Answer 1

Put it this way, I just left the UK (my own Country) and emigrated to the US.
One of the reasons was that I would NEVER be able to afford my own home there, especially not in London where I was born and raised.

My family's place in east London is valued at around the half-million pounds mark (so that's approximately a million US dollars), and it's only a three bedroom Victorian terraced.
The prices are going up and up constantly, while salaries in some fields (mainly the various construction trades) are going down due to huge numbers of cheap migrant workers from eastern europe flooding the work market. All that equals no chance of buying a property.

Answer 2

The cost of UK property, - as anywhere else, follows the basic rules of economics, supply and demand. Because of population density in relation to land area, and limited housing stock in relation to demand, UK property prices are relatively high in comparison with, say USA and Canada. The areas with highest demand, such as London and the South East have the highest prices for any particular house type or market sector.

Periods of higher demand such as when interest rates are low, and finance more affordable, create rising house prices.

Generally speaking, the most important factor in value is location, but of course size, type and quality of house will also reflect in value. A poor house in a good area will normally have higher value - and better saleability, - than a great house in a poor area.

As far as owning is concerned, you can of course buy any available house if you have the money to do so. Most people need mortgage finance. To obtain this, you have to demonstrate income/ability to meet the payments. Common practice is to purchase at the level you can first afford, then after a few years of appreciation of value (which raises equity), move up the market. I

In my experience the optimum time to move is every 4 - 6 years or so (although this will depend on market conditions).

Answer 3

Easy to buy if you have the money or a high wage. But good housing in the main cities is very pricey. House prices vary greatly throughout the uk depending on location. A 4 bedroomed house in our street went for £250,000 and we are in a small town near Edinburgh. Thats around $500'000. Most people nowadays own their own homes in the UK. In the cities there are many flats. Some are owned by the local government or council and can be rented but there is usually a waiting list. There is a shortage of housing as we have had massive immigration in recent years mostly from eastern europe. There are also many companies who buy up vacant properties and rent them out. Most new houses here are built on very small plots of land so have small gardens or yards.

Answer 4

It's not difficult if you can get the money.

Unlike Europe and cities in the US, people in the UK prefer to own their own home. This is harder in the current climate as prices are so inflated.

In the inner cities, especially London, most people end up renting. In the suburbs and country people own their homes. It's all to do with the relative value of property and the relative income and demographic of the would-be homeowners.

Answer 5

PRESCOTT???!!! That dolt single handedly has destroyed maximum of inner maximum development companies plus their affiliate companies inclusive of plasterers, electricians, plumbers, architects, landscapers, decorators etc etc etc! He recommended the interior sight councils to place a area quota of 'low-fee' properties on each and every website able to taking 3 homes. What the po confronted fool forgot became that some human beings, like himself have actual have been given extra funds than first time shoppers and a one million/2 acre website became a extra appropriate guess for 2 homes rather than 3 - one among which will desire to be low-fee! you are able to't stress wealthy human beings to stay the place they do no longer decide to be and so the websites are not equipped upon, no-you may cope with to pay for to easily build low-fee properties and so the builders have layed off their team as have each and every of the others plus their providers. this could be a bloody shame and Prescott would desire to be hung drawn and quartered for it! He has destroyed maximum of companies and lives and however the fat fool is living the existence of luxurious exterior Hull in his pseudo Georgian domicile to which - on the fee of the united kingdom TAX PAYERS - he had fake exterior beams and castellations related! He would desire to have been prosecuted for missuse of his Parliamentary expenditures.

Answer 6

Cost of UK property £200,000 upwards, average salary about £22,500, so about 9x annual salary.
Mortgages used to be 3½ x salary but now they are unrealistic.

Answer 7

ITS IS DIFFICULT TO GET A HOME IN THE UK IF NEW.......NO WHAT AM I SAYING.....IF YOUR NEW/ AND BRITISH.iF YOUR FOREIGN,COME HERE,GO TO THE DSS IMMEDIATLY,LIKE EM ALL,AND WITH-IN DAYZ YOULL HAVE A PALACE,FULLY PAID,AND A GREAT WODGE OF CASH EACH WEEK.

Answer 8

Same as anywhere, if you have money, easy, if you don't, nearly impossible.