Written by Sapphire Savvy Women Group.
Now might be a good time for buyers to close on housing deals, as housing prices have shown an overall dip as is typical in festive seasons, but these figures are set to increase after the Christmas period. On average House prices fell by 0.6% (£2,044) in the lead up to Christmas.
Overall average of the current housing pricing:
A report from gov.uk, shows that In England, the October data shows, on average, house prices have fallen by 1.5% since September 2021. The annual price rise of 9.8% takes the average property value to £285,113.
According to a study conducted by ONS in August 2021: Average house prices increased over the year in England to £281,000 (9.8%), in Wales to £195,000 (12.5%), in Scotland to £181,000 (16.9%) and in Northern Ireland to £153,000 (9.0%).20 Oct 2021 – UK house price Index
Housing prices are expected to fluctuate repeatedly throughout the course of the year but there are pockets of opportunities for property buyers to cash in whilst the average housing price is in decline.
House price inflation
House price inflation in the UK is the rate at which the prices of residential properties purchased in the UK rise and fall.
The regional data for England, shows that London has the slowest rate of annual price growth with a rise of 6.2%, compared to the East Midlands, which experienced the greatest annual price rise, up by 11.7% – gov.uk
How coronavirus has impacted the property market:
*Not only has the property market been affected by coronavirus but HM Land registry results have been affected, the data is accurate with revisions expected as more data is added/reported*
Coronavirus has continued to shape the outcome of the ever-changing housing market, with buyers and renters alike looking for amenities in line with current trends.
Tenants are specifically seeking increased access to green spaces and gardens, safe communities, and there is an increased interest in office/recreational spaces within the home.
How can landlords sway with the demands?
As a landlord you may not always have the option to adapt your spaces to new trends but if you are looking to purchase new property, you should keep these changing demands in mind.
How can you accommodate these new wants?
Provide spaces that offer the facilities people are looking for, look for apartments with balconies and places for tenants to unwind. Depending on the area and tenant you wish to attract you should, search for properties with access to communal gardens or that have access to private small gardens. Keep in mind the more useable spaces you create, this in turn increases the property value.
Keep an eye on the market if you are looking to purchase new properties for your portfolio at below market value, there will be tell-tale signs that are housing market price is decreasing.
Housing prices won’t be at a low forever, in the New year prices are predicted to increase so stop by the Finance Talk Blog for updates.
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’s 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.
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