UK Property Market
As the Brexit deal is reaching a closing phase, the property markets are showing positive trends where the brokers expect the prices to gain significantly in the post-Brexit phase, when the number of inquiries may increase and purchase deal numbers will also grow. They claim the vendors have adjusted prices to meet affordability, and with the support of government schemes like Help-to-Buy schemes, buyers keen to get property of their own will seek deals. The Nationwide reports of house price index find the growth in February to be 0.4 percent, and month-on-month fall was 0.1 percent.
A survey on landlords found the investors are keen on trapping the buy-to-let market, where 39 percent of the respondents want to expand the size of their holdings. Brokers are expecting a rebound in such requests. There are many brokers who claim that a smooth Brexit resolution can lead to an increase in the price of properties, as the current market is in good shape. Overseas investments continue to gain in the UK cities - Liverpool, Manchester, and Bristol, where, recently, a Singapore based firm acquired three student developments for £55m. The group Far East Orchard acquired a portfolio in student accommodations and has expanded into cities Bristol, Liverpool, and Brighton.
In the month of February, the markets remained almost flat, where some of the weakest growth regions were London and South East, but otherwise, the markets were positive and growing in the regions of Midlands, Wales, North, and Scotland, where the demand continues to increase.
Buyers arranging mortgages for home ownership
One of the highest selling regions includes the North West of England where tremendous improvement in property transactions have been recorded in the cities Morecambe, Widnes, Burnley, Lancaster, and Oldham, where selling the time of property is 14 days. Livingston in Scotland has quickest selling property that takes about 35 days to sell.
In the last few months, the Nationwide property transaction report found the number of mortgages approved, or the sales were stable. There has been an increase in the homeownership pushed by the growth in the number of people who own home with a mortgage. This number was declining since 2005, but this year it is growing.
Currently, the job market is supportive of such buyers who can get a home with a mortgage. The statistics reveal the number of such people increased 5 percent to 6.9 million, although, it is still below the record numbers found in the year 2000. Employment, affordability and low borrowing costs have led to a positive recovery in the markets. The ONS data suggests the property in some regions like East Midland grew 4.4 percent in the last year to £192,757. The region outperformed UK markets (the average value of the UK increased by 1.7 percent in the year to January 2019).
In the South West – Gloucester, and in the East Midlands- Welling borough, some of the quickest selling properties can be found. The data by Rightmove finds the local facilities like employment opportunities, improved transportation links, and infrastructure is the key motivating factors.
To know more about UK properties, click Hamilton International Estates (www.hamiltoninternationalestates.com).