2018 has been a somewhat unpredictable year for the property market. The arrival of Brexit negotiations, combined with soaring mortgage interest and a decrease in overall demand for new housing, has meant it’s been an unsteady year for homeowners and buyers alike. However, reports show that we might expect better news in 2019.
What have we seen in 2018?
The final part of 2018 has brought mixed news for those looking to sell. In some places, such as the East of England, the average agreed on sale price has increased by up to 2.9%. This is excellent news for those living in East Anglia, particularly in cities such as Norwich. However, for those living in London, there has actually been a decrease in prices over recent months, indicating that it might be a good time to hold onto your property a little while longer if you’re in the city.
Predictions for 2019
For those living in the East of England, property prices are expected to rise by up to just over 9%; a significant increase which should excite those potentially looking to sell. The forecast isn’t so good for those living in the capital, however, as many feel that whether or not a suitable trade deal is reached in Brexit, house prices will continue to drop by 0.3% in London in 2019 – https://www.theweek.co.uk/london-house-prices.
If you’ve been considering selling your house and are fortunate enough to be located outside London, be sure to seek impartial, expert advice in order to ensure the best price for you. Companies offering property management Cheltenham and surrounding areas, such as completepropertygroup.co.uk are a great place to start.
What are people looking for?
Recent trends suggest that people are seeking family houses to move into, as opposed to investments. This means that houses that are conveniently located near to local amenities such as schools and doctors are incredibly desirable.
Schemes such as Help to Buy, amongst other initiatives, are encouraging more first time buyers to climb onto the property ladder, meaning an increase in first time homeowners this year. Therefore, the demand for newer housing, with fewer occupants but a closer proximity to the town or city centre, is also expected to be highly sought. This is great news, as it results in an increase in demand for more available houses.