Being a warm and vibrant city, London is the best place to live in the UK. More than the locals, London’s population is dominated by expats who are from other parts of the globe. Residents of London can never get bored of the city as it has almost everything. The neighbourhoods of London are very distinct. Some places are packed with people at all times while there are silent and calm streets on the other side too. Deciding where to live depends on the person’s requirements, distance from significant places and nearby amenities. From period homes, detached properties to studio apartments and modern flats, people can pick the perfect home according to their budget.
The property market in the UK has been a roller coaster in the past few years. The 2019 pandemic hit hard and shook the real estate business across the country. The increase in unemployment and drop in the country’s economy changed the pattern of the real estate business to a great extent. Property owners planning to sell during this phase were forced to reduce the asking price. Real Estate was one of the main sectors that contributed to the nation’s economy. It dropped down, resulting in monetary losses for many people. The government introduced a stamp duty holiday which helped buyers save money on taxes. The prolonged exemption of taxes brought in more people from local and overseas to invest in London properties. By the end of 2020 and in 2021, the property market slowly geared up. Based on the current market trends, the year 2022 will see increased property for sale in Manchester, Clapham, Battersea and other suburbs of London. Demand for new builds will significantly increase besides the preowned homes.
Future Of The Property Market
The post-pandemic impact of the property market has been positive so far, with slight fluctuations from time to time. Lenders were offering high LTV with low-interest rates, which turned advantageous for buyers. With time, the number of buyers increased gradually. Demand for properties also rose to a point where multiple bids were placed on a single home. In the end, the highest offer is accepted by the owner. With this pace, demand for properties will further go upwards in 2022 which will eventually give rise to property prices.
Seller’s Market Trends
The last two years have seen a remarkable level of variation in the property market. No new builds are emerging at the moment which leaves preowned properties at the top of the list. This is the main reason why the market is highly competitive, and buyers are increasing the asking price to a great extent. The number of property options is however declining with time which is the main reason for the spike in property prices.
Beneficial For Both Buyers And Sellers
Having a check on the property trends will give enough information about the property prices and other relevant information. The current prices will prevail for a long while, which will hence remain in the property owner’s favour. Property prices will rise in 2022 with the growing demand and will be slashed later on, which might be favourable for the buyers. Within a few months, the number of buyers will go down, leading to a reduction in property rates. This price slash will, in turn, attract more people to this city.
Surge In Property Prices
Buyers started to hike the property prices once they saw the unending demand from potential buyers. From the mid of 2020, property prices continued to soar till the end of October 2021 despite periodic instability. Based on a few reports from industry experts, the costs will further increase slowly before dropping down by the end of 2022. It is easy to determine property prices based on the current real estate market. Many sellers can be easily confused when fixing a selling price for their homes, and they can take the help of estate agents in Manchester and from other neighbourhoods of London.
Improved Mortgage Loans
The main reason for people to come forward and invest in properties was the offers on mortgage loans and low-interest rates. Besides these changes, many lenders and local banks introduced various loan schemes that encouraged more buyers to invest in properties in London. However, this situation might not last long in 2022. As everything in the property buying business is returning back to its normal state, the mortgage loans will also change accordingly. Interest rates might go up to their standard rates by the beginning of 2022.
