Could UK Housing Prices Be Finally Cooling Down?

Written by Sapphire Savvy Women Group.

 

As property prices reach new highs and home supplies decline, the UK housing market is beginning to cool. As a result, the national average climbed to a new record high of £336,073 for the third month in a row, up just 0.8%, or £2,509. As shown in YahooNews.com.

 

The number of available properties in the UK is at an all-time low, in combination with the UK’s record-high prices throughout all nations and regions. This is gradually slowing the market’s pace. Even though sales of goods were 17% higher in May than they were a year ago, they fell short of April’s 45%. Considering the UK housing market’s near-silence until mid-May 2020, the report compares current values with those in 2019.

Since March 2020, average high-end home prices have risen by £67,394. This represents a 12.3% increase over the 7.5% increase for all properties.

 

The UK’s House Prices hit their record high in May 2021.

There was a 49% increase in the number of sales agreements for houses worth more than £500,000 in May compared to the same time before the virus. Rightmove reports that this is despite the fact purchasers were aware they would lose out on the stamp duty vacation.

Some localities’ prices have increased by 14.6% since March 2020, as people moved from more expensive areas. There was a 44% increase in buyer demand in Wales. In the meantime, prices in the Southwest jumped by 11.4%, with houses selling faster than ever before. Only ten houses were up for sale per estate agent branch of any location in England.

 

What do professionals have to say?

“Since the market reopened last May in England, we have seen huge jumps in the numbers of sales being agreed, but these are now rising at a slower pace,” said Tim Bannister, Rightmove’s director of property data.

Low interest rates and tax breaks on stamp duty have made it possible for many to afford a new house, fulfilling long-held ambitions. Even though high traffic and search statistics suggest that there is still substantial buyer demand, some of that desire has now been met, and the phase out of stamp duty reliefs has removed some of the incentive to act.

 

Conclusion:

The UK’s house prices were at an all time lowest in 2021 and seems to continue to cool down as in the start of 2022, which ends up making it a great opportunity for buyers to purchase a home, especially first-time investors.

If you are a small time/ new property investor, deciding on when to buy a property can be a complicated decision process. Whilst we haven’t talked you Through the steps in this blog, and by the way we do have helpful articles for this, just click here. It is so beneficial to be aware of where you can find the trends and statistics regarding property.

 

The Finance Talk – blog, posts weekly on Monday’s, where you can get the latest exclusives on what is occurring in the housing market. As professional property investors and Educators, we make it our job to know the property business -so check on in and we have you covered.

 

Tune into to our podcast The Property Investors Show – where you will gain POWERFUL insight from worldwide property, finance and investment experts. Learn from their tips as they get candid with host sapphire Gray on their losses and success stories.

 

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