The selling season is just around the corner and many house owners are making final preparations to put their homes on the market for purchase. Planning for a quick sale is typical, but most see the selling process as one which will never take place as fast as they would like. The area with the quickest selling properties has recently been named by a well-known source.
The New Year brought with it a continuation from the month of December in the UK housing market. So far, a low amount of activity has dominated most sectors. Remortgage however, has taken off. In fact, home owners within the month of January exceeded many expectations. The mortgage lending tool was sought out by more during the month than any other in a ten year span. The trend is expected to continue, according to many close to the housing market.
The spring season is one in which change is most obvious. The changes in nature are not the only ones that occur. People in general change and become more optimistic and look to make changes in their own life that offer growth, opportunity, and enhancement to their life. That desire for change often equates to home buying.
As we all wait to see the real impact of the Brexit vote in the coming months, the UK housing market runs at post New Year speed and awaits the start of the busy selling season set to start shortly. The market has proven so far this year to be resilient with few indications of a decline appearing thus far. This is good news to many who are ready to start a season of new client relationships and a flood of new activity. Home owners looking to remortgage before a potential rate rise are still being urged to start the remortgage process as soon as possible.
Effects of the referendum last year are continuing into this year according to the latest data out of the capital city. London is experiencing a fall in real estate prices similar to that of 2009, during the latest economic crisis. Prices within the last twelve months have dropped up to 15% in some areas. The London borough of Wandsworth has been hit especially hard as properties have fallen up to £100,000 in value.
The cost of living seems to be going up constantly with little relief in sight. As hard working citizens, we are finding it more difficult each year to afford life’s necessities. The list of must-haves includes a place to rest our heads, clothes for our backs, and a suitable form of transportation so we are able to afford the other two. Recently, a study found the cost of at least one of these items, housing, will rise dramatically in the years to come. It is estimated the cost of a house will increase 20% over the next decade.