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The UK one of the world’s largest economies and has a population of 60.8 million and a GDP per capita of US$46,000 (2007). It grew by a negligible 0.3% GDP during the year to end-Q3 2008 and is expected to enter recession in 2009 with GDP slowing -1.5%.
The global credit crunch has had a substantial impact and Gordon Browns government has taken a range of agressive measures aimed at reigniting the economy and keeping the downturn as short as possible.
The government has suspended the stamp duty for houses costing less than £175,000. It also unveiled a broad package measures to help first-time house buyers, and families at risk of losing their homes. In October 2008, it injected £400 billion into the banking system to increase the capital of banks, and push liquidity into the system.
The Bank of England has drastically reduced key interest rates. In November 2008 it reduced the key rate by 1.5% to 3%, the single biggest rate cut in the bank’s modern history. As of March 2009, the interest rate stands at a mere 0.5% a record low.
Over the past twenty years, the UK has accounted for a disproportionate amount of Irish investment, especially in the commercial property market.
However, huge numbers of both UK and Irish investors have also purchased buy to let investments throughout the country, fuelling a huge housing bubble which shuddered to a halt in late 2007. As a consequence, UK house builders have been taking a variety of increasingly desperate measures to sell surplus housing stock, many having now reached the point where they will offer 40-50% discounts on prime residential and commercial properties to willing buyers.
It is these highly discounted properties located in prime urban locations that Torcana source and promote in conjunction with our local partners.
For a full list of properties currently available, please click here.
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