The property market in the UK is constantly changing. And we need to move with the changing faces of the housing market in the country, especially if you are planning to invest in a property.
However, firstly you need to understand the house-selling cycle in the UK. You can only get the best property for yourself and the best deal only after knowing these details.
Also, you need to know the right time of the year at which you can buy a home. Over the past few years, there has been an increase in housing prices in the overall property market in the UK. And it is expected that in the coming years, it will increase more.
So let us learn some of the essential factors and different aspects of the property market in the UK.
Table of Contents
London housing market – Factors that influence a buyer to decide the right time
The property market in London has seen ups and downs in the housing market, and there has been a steady rise in housing prices. As per the London housing market report, there has been an increase in demand for properties and a low stock of properties in the UK.
However, certain factors have been influencing the same. Let’s go through the most important factors contributing to the housing market in the UK:
Seasons
When you buy a home, look for the right season. According to the property market in the UK, there are specific seasons of the month to buy a property or a home in the country.
For example, spring (March) is the perfect season to get new properties, as this is the season when you can avail yourself of more choices in terms of the availability of the properties.
August is a quiet month when most people go on holiday. September is the month to invest in the property market in the UK. Next time you look for a property in the UK, go for March or September to buy a home.
School holidays
Getting a property during the holiday season has become the latest trend in the housing market in the UK. Before the school holidays begin in the UK. Most parents go property hunting in areas close to schools.
For instance, they look for a property during spring and move in by the summer holidays of UK schools. Furthermore, this is when more homes are available in the UK.
Economic factors
The variation in the economy of the UK is also one of the factors that influence the property market in the UK. The rise in the interest rates by the Bank of England with inflation dampened housing prices. And this has led to an increase in the house-selling and purchasing cycle in the country.
So when there is inflation along with the rise in interest rates there are more chances that a person would invest in the purchasing and selling of homes in the UK.
Impact of the pandemic
The COVID-19 pandemic created an impact on the property market in London. There was a rapid rise in the desire for a new space. This trend increased post-covid with more and more people opting for work-from-home boomed, and the housing market in the UK.
UK House prices crash
With the increase in the energy market, the rise in inflation, and the rise in consumer spending, UK housing prices have crashed thanks to the aftermath of the pandemic. Moreover, 17.4% of housing prices have dropped, which is the highest crash of the costs over 16 months.
The pandemic had a significant impact on the global economy, leading to a boom in housing prices. According to experts, housing prices and the cost of living are set to collide, but if the prices are to crash, we need to look out for them. And be alert before it’s too late.
What will happen to the UK property market in 2024
Till 2021, housing prices were steadily increasing and flourishing. But with the Ukraine-Russia war, the property market has seen a steep downfall.
The battle between Ukraine and Russia was unforeseen for the experts who predicted that the property market in 2024 would have a steep rise. However, there is still hope for the future that UK property in 2024 will be back with a bang. And the good news is it is already back. 95% of mortgages are available to first-time buyers again.
This means nothing can prevent the UK property market from flourishing and becoming the most booming sector of the country. Furthermore, you can expect a bounce-back in the housing sector of the UK compared to the previous year’s performance due to the pandemic.
The latest news on the property market in the UK
The UK housing prices have increased to more than 43,000 pounds since the advent of the pandemic. And compared to February, there has been a drastic growth in six months.
However, there has been a constant fundamental issue persisting in the property market in the UK: the demand of buyers for new properties and the availability of fewer places to sell. But with the Russia-Ukraine war, inflation in the UK has reached a new high in 30 years.
And it is expected that with high interest rates and higher cost of living, there is a chance of a slowdown in housing price inflation. This means you will have to be prepared to face anything and everything in the housing market in the UK.
Conclusion
Overall, we can conclude that for buying a new house in the UK, you will have to look out for the critical factors that influence the property market and proceed ahead. Furthermore, we can find the housing market in the UK has seen a constant rise.
This is because, despite the pandemic and the Russia-Ukraine war looming over the country’s economy like a dark shadow, the property market in the UK has become the top priority for those who are into investing in property.
