The Housing Market Situation In The UK

The housing industry across the globe is still continuing its surge upward and along with this increase, the industry of painting and decorating of houses has also advanced and one of the myriads of companies that are benefiting from this is Fitzhugh Decorators.

UK housing market
The current stock of housing in the United Kingdom includes those that are privately owned and also homes that are occupied apartments and houses. The housing industry also includes the privately rented and those rented out by local authority for accommodation and the different properties that are managed by various housing associations.

During the early years of the 20th century, less than 10 percent of the built homes were occupied by owners, however, during the early years of the 21st century, the figure has already dramatically risen to about 70 percent. This figure is just above the European Union average. By the end of 2010, there were already 21 million household occupants in the United Kingdom.

Privately owned properties
In the United Kingdom, those properties that are owned privately can either be leasehold or freehold. The freehold ownership means that the property on the land and the land itself is owned while leasehold means that the land where property is erected is not owned. The owner however has the right to use the property as well as the land for a certain period of time which is usually more than 100 years when the lease will be first granted. As the years go by, the lease will become shorted until the time will come when the property and land will revert back to the owner or landlord. It is a common practice for the leaseholder to buy an extension to the lease contract every time it falls below six decades.

Those that own properties that are freehold and leasehold usually sought the help of a long term loan which is called the mortgage. Mortgages come in various lengths of time but the common is 25 years. Payment of mortgage would usually include two elements which are the repayment of the capital and the repayment of the interest perpetuated on the mortgage.

Post Author: gerardksmith