For anyone looking to buy a home within the UK this year, it’s important to be aware of the current state of the property market. Along with hiring property lawyers who are well versed in property law , knowing the current trends that are affecting the housing market is one of the most important things that a first time home buyer can do.
Buying a home is often the biggest investment that the average person will make within their lifetime. Therefore, anyone buying a home, be it their first or their tenth, should go into the decision well informed, and aware of the current state of the market and the variables that are influencing it.
So before finding a home, or contacting any conveyancers , make sure that you know about the current market, and how different factors are affecting it.
Brexit
When it comes to the property market within the UK, one of the first things on everybody’s minds is Brexit. Brexit creates a level of uncertainty, and as any investor knows, markets are not too fond of uncertainty. Therefore, it is almost certain that Brexit will have some sort of impact on the housing markets in the UK.
That being said, the UK, and London in particular, is one of the financial services capitals of the world. They also speak the current language of business, English, and have one of the world’s most highly esteemed educational systems. Due to these advantages, as well as others, there’s no good reason to believe that the UK will stop attracting buyers, both international and domestic, anytime in the near future.
So while it’s true that Brexit is certain to affect this market, it’s unlikely to slow down property conveyancing by too much.
Increased Number Newly Constructed Homes
In recent years, the rate at which homes are being constructed across the UK has been steadily increasing. In fact, between the years 2016 and 2017, 217,000 homes were added to the market, which is a 20% increase from the prior year.
These numbers aren’t necessarily astounding when compared to those before the financial crash, but the point is that the numbers are getting better.
Recent Increase in Interest Rates
Although the Bank of England recently raised interest rates by 0.25%, from 0.5% to 0.75%, for the average person the impact is going to be minimal, if there’s any at all. This is because for the large majority of people who own homes, their mortgages have a fixed interest rate. This means that the increase will have absolutely no impact on any of these individuals. For those with a variable mortgages, they will experience a slight increase in their monthly payments.
As for the overall market, it may take a minor hit, as economists are predicting annualised price rises of up to 3%.
When Buying a Home Use Property Lawyers That You Can Trust
If you’re in the market for a new home, or are looking to sell a current one, you want to enlist the services of property lawyers that you can rely on. Within the Southeast of England, Andrew Lee & Co is the ideal choice.
In order to make an appointment, you can contact us by telephone on 01622 750 101, or by email at info@a-lee.com
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