Published 7th May 2019
If you have been wondering whether now is a good property buyers market in the UK, you may have considered factors such as Brexit, as well as current house prices. Along with the political climate that is expected over the next few years, there are many other things for you to take into account. Just like any other country, there are numerous factors that influence housing markets, from property availability and popularity all the way to property sales. Within the UK itself, property in London has a very different price growth rate compared to areas outside of the city. The good news is that property prices are slowly starting to show a drop in all areas, which means that in general now is an excellent property buyers marketing in the UK.
With that said, there are a few things you will need to think about as a potential buyer – regardless of the broader market. Looking at the property buyers market by first considering your buyer type is essential, as this will often determine how easy it is to buy property in the UK. To help you determine whether now is the right time to buy that property you've been eyeing, we've put together some tips for all types of buyers.
If you are buying property for the first time, you may find it more of a challenge today than your parents would have found it a few decades ago. There is a reason that these buyers have often been called 'generation rent'. Finding the initial deposit and having a steady job that allows mortgage approval can be challenging for many young prospective home buyers. This is why many choose to rent rather than go through the process of purchasing property. Although it can be difficult, taking advantage of the current dip can make the process much easier for new buyers.
A group that battles even more than younger first time buyers is older first time buyers. Those who have purchased property have the luxury of using their mortgage and standing with banks to gain additional financing. For those who have rented for many years, it can be very challenging to meet income requirements to meet mortgage requirements. Waiting even longer can be a worse mistake than taking advantage of the current market, however. After the age of 45, it can become more difficult to obtain mortgages, meaning that you may end up with higher monthly payments and a smaller property than you may have been able to find if you had purchased at an optimal time in the market.
It's also worth noting that, while London property prices have also experienced a dip recently, prices here are still greatly higher here than outlying areas. So much so that some property experts classify London as a different market compared to the rest of the UK. The demand for central property has made London highly popular across all buyer types. Property prices here are far higher than they are elsewhere, meaning that you may be able to find a smaller flat rather than a house with a garden.
Whatever your current property requirements, getting expert advice from a conveyancing specialist before you begin your search is the best way to be sure that you find your dream home – whatever the current market. Contact Home Legal Direct to learn more about finding a home in the current buyers market in the UK.