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An important part of our role as a financial adviser is to keep up to speed with the latest developments in the different market sectors. I recently attended an event that was hosted by an investment house specifically for financial advisers who operate in and around the Swindon area.
The focus of the meeting was to discuss the housing market. We heard how the housing market has a direct impact on the economy, this is through the increase in new build properties. This is obviously not just of benefit to the house building companies, but also the large number of companies who are linked to this, from plumbing suppliers, brick manufacturers, to landscape gardeners – the list is endless.
But there is also an indirect benefit to the economy from the housing market. This is the fact that property is by far the largest asset to households across the UK. Currently the value of assets held as property by UK household’s amounts to 55% of net assets. It will come as no surprise that housing debt (mortgages) is by far the biggest component of household debt. These statistics mean that when house prices increase, confidence and wealth also increases amongst households which in turn has an indirect boost to the economy.
In light of the fact that the housing market plays such an important part in the health of the UK economy, questions are being asked as to whether the housing market is in bubble territory.
The housing market has seen bubble conditions develop on four different occasions in the last 5 decades, all of which have led to busts.
The investment house who hosted this event, believe that the UK housing market is not currently in a bubble, as current house prices are below their trend level. However, house prices in London are moving very differently to the house prices across the rest of the UK. The London property market works very differently to elsewhere in the UK, mainly due to international investment and should therefore be treated separately. The general consensus is that London is definitely in a housing market bubble, and is looking like a house of cards!
In summary it was a useful event held for financial adviser Swindon area. As well as the content by the hosts, there was a chance to network with other Financial Advisers. I was personally sat next to an adviser from Marlborough, whose office is based in Devizes. It was interesting to hear from this financial adviser the demand for his services across the Swindon area.