As we’re about to embark upon a new year, the decade anniversary of the financial crash is about the descend upon us. While many parts of the country have recovered nicely from the 2008 banking disaster and it is but a dim and distant memory, there are many areas, particularly in the north of the country such as Grimsby, that have yet to bounce back. These areas are still feeling the pain of the crisis ten years later, and the immediate future doesn’t look bright.
Sadly, unlike more sought-after areas in the home counties and other parts of the country, many northern towns are continuing to face a property market nightmare, with some homes still in negative equity ten years later and more that have fallen far behind the trajectory of increase experienced before the crash.
Some parts of the region have been particularly hard hit, with up to a 37% decrease in property prices compared to pre-crisis values. According to figures from the National Office for Statistics (ONS), around 92% of boroughs in North East Lincolnshire are experiencing house prices that have much lower values than they would have done had the crisis not occurred. This stalling in house prices has a knock-on effect on the property market, making it much more difficult for people who Need a Fast House Sell , particularly if they want to Sell house for cash or for the market price.
Many people have resigned to staying put in their homes, even when their personal situations would benefit from moving. In addition to negative equity and the painfully slow rise in property prices, stagnating wages have meant that people have less money in their pockets than they did back in 2007. This makes them less inclined to move home as they are unlikely to be able to afford a new mortgage or pay off the equity on their existing mortgage, although there options for them with property buying companies
According to the property buying companies First-time buyers in the region also face challenges, as zero-hour contracts and lower wages makes them less likely candidates for mortgages from banks who are now much more cautious about lending than they were pre-crisis. With fewer first-time buyers around, there is less incentive for property prices to increase.
This sequence of events means that most people will be forced continue as they are, with homeowners taking much longer to move up the housing chain and potential first-time buyers staying in the rental sector rather than get onto the property ladder. Those who do Need a fast house sell may find their property on the market for months, even years before they can attract a buyer, and may need to seek the services of companies that buy house fast such as buyingpropertyfast.com.
In the current financial climate, it is unlikely that the situation will change particularly quickly. While house prices are rising, they are rising much slower in the Grimsby region than any other area bar the North East. The knock-on effect of Brexit may also spell more doom for property prices in the future, particularly if jobs are affected in the region. Meaning many people may need to move out of the area to secure jobs, yet be unable to sell their property to do so.