Legal News - Housing Market
A lot has been said about the current state of the UK housing market with many forecasting that the outlook is the worst since records began. This is being blamed on factors including lack of supply and affordability and the uncertainty of how Brexit will affect an already unstable market.
Surveys suggested that properties are on the market for slightly longer than they were in 2017 and it could be argued that this is likely to increase as we edge closer to the Brexit deadline (whenever that may be) and prospective buyers and investors delay matters to try to see what is going to happen. It is likely that those who do not need to engage in the housing market simply won’t, first time buyers and investors may sit tight until the uncertainty clears and those already on the middle rungs of the property ladder may extend and invest in their existing properties. Having said that, recent figures shows that buyer affordability is improving, and with the uncertainty of the market, this could mean that the housing market is quickly becoming a good time for first time buyers to get on the market. Aided by ‘Help to Buy’ schemes such as Help to Buy ISA’s and Help to Buy Mortgages, this could be the saving grace of the property market.
The average house price is £230,630.00, though looking more locally, this is £223,495.00 in the east Midlands and £347,045 in the East of England. Data shows that towards the end of 2018 the average number of properties sold was around 62 per month in the PE12 post code area, whilst in PE13 this was slightly lower at 60 properties. The average price in PE12 was just over £200,000.00, compared to just under £200,000 in the PE13 region. Data over the last few years for the two areas appears to follow a fairly consistent trend of peaks and dips, it remains to seen whether the figures for 2019 will buck these trends.