If you are looking to buy a new home in the United Kingdom – you need to do your homework and to be prepared. There are a few key tips which you need to follow when you are researching the property market in your area:
- Set up a firm budget and stick to it
- Be ready to compromise on things like property features, location, etc. because finding your dream home is not going to be easy
- Give yourself enough time and don’t rush into buying the first property you like
- Research the latest trends on the UK housing market
This last bit is of a vital importance because knowing the country’s housing market in and out will give you a better idea on what to expect. So, before you go and find yourself an efficient home removal service in Havering-atte-Bower RM4, for instance, you will need to do quite a lot of other tasks. But to speed up this process for you, we will start your crash course in UK housing market right now by presenting you with a brief but informative outlook and tendency outline on that particular field.
Prices are on the rise
Given the current economic situation, you probably won’t be surprised to learn that property prices are witnessing a growth all over the country. The average housing price in the UK is now estimated at a little over £224,000. That is an annual rise of 4.2%. The price hike was especially strong in Scotland where it jumped by the staggering 6.7% for just 12 months. Next on that list is East England, where average housing prices increased by 5.8%.
London homes remain expensive
Buying a home in the capital of the UK continues to be a rather pricey venture since the average property price in London is more than two times higher compared to the country’s average – £496,000. On the bright side, however, it is namely the Big Smoke city which saw the most modest property price growth in the past one year. Therefore, even though becoming a homeowner in London continues to require a considerable sum of money in your bank account, the market has remained quite stable in 2018.
Priciest types of properties
If you are planning to invest in a detached house in the UK, you will need to dig deep into your pockets. With an average price of £342,700, this is the most expensive type of housing in the country at the moment. What is more, just one year ago, the average price tag of such a home was 5.3% cheaper. Terraced houses continue to be the most affordable option for home buyers in the country as they average at nearly £181,000.
Sales are decreasing
According to the UK House Price Index, the number of property transactions in the United Kingdom in the past 12 months has witnessed a considerable fall of 39.4%. There are several factors that are believed to have contributed to this negative tendency and those include – rising housing prices and low market supply.
What does that mean for you
While you can easily find affordable man and van services in London, finding an affordable home in the capital or anywhere else in the country for that matter is getting more and more difficult with every single month that goes by. The country’s population is growing but the market is undersupplied. So, chances are that the sooner you buy your new home, the lower the price you will pay for it.