Friday, April 8, 2011
Category:
Home Improvements
According to Lloyds TSB’s property sales report, which tracks home sales movements across England and Wales, property sales have significantly dropped since 2007 ‘amid a widening North-South housing divide’.
It has been revealed that in the last three years the number of property sales has virtually halved. However, there has reportedly been a clear ‘North-South divide’ with property sales down by 42 percent in the South, compared to 51 percent in the North.
On the whole, Lloyds TSB’s report shows that in 2010 there were 649,957 property sales across England and Wales – 47 percent fewer than in 2007 when the number of home sales stood at 1,222,402.
Since 2007, the region with the lowest decline in the number of property sales was reportedly the South West at minus 39 percent, compared to 56 percent in the North where the greatest decline was recorded.
Between 2009 and 2010, a six percent increase in the number of property sales was recorded in England and Wales, with sales increasing by 22 percent in Greater London. In contrast, East Anglia was found to be the only region that did not experience a rise in sales at zero percent.
Lloyds TSB Housing Economist, Suren Thiru, commented: "The decline in housing market activity over the past three years has been substantial. The current level of activity remains significantly below historic levels despite most regions seeing some increase in transactions in 2010. A North-South divide appears to have opened up in the housing market with both home sales and price growth in the south proving more resilient than the north over the last few years.
"Looking forward, the overall level of activity in the housing market is likely to remain somewhat subdued for the foreseeable future, although regional differences are likely."
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Homeowners who would like to move up the property ladder but have decided to remain where they are for the foreseeable future, perhaps due to the availability of bigger properties, could consider taking out a
secured loan to transform their current house into their ideal home. One of many finance options available, a secured loan for home improvements could be used to fund an array of projects in and around a property. For example, homeowners who would like extra living space could invest in an extension or conservatory. Alternatively, an unused attic could be converted into an extra bedroom or useful office space.
