Housing market outlook for 2015
The property market was fed a diet of mixed news last year with the conflicts in the middle east, a possible break of the United Kingdom and talk of the first interest rate increases in six years. According to some experts 2015 is likely to be just as much action packed as 2014.
The crash in oil prices has yet to play out and the impact is now being felt across the world economy. This is already causing political instability and everything else that that brings with it could have an impact on our economy. Many argue that low oil prices are good for our economy as it reduces our living costs but there will be a down side to this in that there are hundreds of thousands of jobs at risk particularly in Scotland if the oil price does not recover.
There has also been a lot of talk about interest rates going up and the impact that this will have on the UK property market. There seems to be a general consensus that interest rates could remain on hold until after the summer when the general election is out of the way and the economic picture is a little clearer across Europe. Of course our main trading partners in Europe are still mired in low growth and the trouble with the Euro could all flare up again as the Greeks go to the polls again to elect another government.
There will be a problem if the people of Greece decide to vote for a party that says no to austerity and tries to renegotiate it's financial rescue with the European union. This would see a flare up within the euro and we could see a repeat of the problems we saw a couple of years back with the euro. Of course all of this is speculation but there are still serious potential problems that could affect our housing market.