The housing market has seen a slight downturn since June 2016, why? The little thing called Brexit has been hanging over our heads and is creating record levels of uncertainty. It becomes very frustrating as a house buyer (individual) or your business is about buying houses – it is difficult to forecast, it is difficult to plan because we just don’t know where the house prices are going to be and more importantly where are interest rates going (north or south)!
In the early stages of 2019 the housing market has become slightly more stable, which is encouraging. However, not to make this blog post too politically ridden, with the new Prime Minister in situ, the uncertainty is back until we get over the line when we exit Europe.
After some research across online publications, we are seeing an average price of a UK house in 2019 at around £231,000, a slight increase of around 1% over the average 2018 price. When you begin to look further on into the mid 2025’s – 5 to 6 years from now, the average house price will be around £287,000 – overall, the housing market is still buoyant and it is is good to be a part of, just as long as you can the right deal for you and your circumstances.
It is good to be northern. Yes, obviously because we love a good plate of gravy and chips but more so, house prices are resilient and are holding value whereas in London we have seen a prices fall. However, I still recommend if an investment opportunity becomes available in the south it should always be taken seriously – it is always a safe bet you will get a sound return.
According to commercial and residential property management company, Savills:
Fewer houses were sold in the UK in the first half of 2019 than at any point since the first half of 2009.
As a commercial house buyer, I am constantly looking for opportunities and I have felt the pinch in the first half of 2019. I have always had an attitude of, ‘If you look hard enough and you are committed to the cause, you always find that right opportunity’. Of course it is demoralising when you lose out on a property but things happen for a reason.
I am looking forward to the second half of the year and I am confident that we can secure another two property projects in the coming months. No pressure! : )