Living in a prosperous country like the United Kingdom is an enjoyable experience for the residents in all aspects. People from different parts of the world live in every corner of this beautiful country. The thriving property market in the UK, especially in London, is increasing every day. The demand for properties across the country has gone up, even after a disastrous 2019 followed by an extended lockdown period. The number of buyers has sky-rocketed in the past two years with the development of newly constructed properties. Investors within the country and overseas are benefitting from the resultant rents from their properties. People buying homes in different parts of the UK usually take help from the local Battersea estate agents. Expats deciding to buy a property do not have any legal restrictions during the process, due to which there is an increase in buying homes in different parts of the UK. Before purchasing a home and applying for a mortgage in the UK, buyers usually estimate the price according to the area and find out how much is my property worth?.
PROPERTY PRICES IN THE UK TILL DATE
The UK property market has seen ups and downs over the last few years. Although there’s been a slight drop in the otherwise robust market, it has remained stable since 2016 and saw a sudden 7.6% growth in 2020 amid the pandemic situation – the highest growth rate in the last six years. The certainty of property prices going lower is highly doubtful under the current demand for good properties and people looking at more space and features. The current property market is favourable to the sellers. Likewise, when people shift over to the countryside, they can benefit from living in townhouses or detached residences with generous outdoor space at a reasonable price. Either way, people should decide upon what they want clearly before agreeing on a property. Nobody can determine whether the property market will be favourable to buyers in 2021 due to the inconsistency. Every year has its perks and drawbacks at different levels. This can be figured out with some essential criteria to decide whether 2021 is suitable for buying a property.
EXTENSION OF STAMP DUTY HOLIDAYS
The stamp duty holidays have extended until the end of June and then tapered down until the end of September, which is a benefit for buyers who will be exempt from stamp duty charges for properties priced up to £500,000, reducing the overall expenses while buying a property in the first quarter of 2021.
INCREASE IN BUYERS
The number of buyers has outnumbered the houses available for sale in the locality. This condition leads to the high demand for a single property from many people. Unless strong offers are made to the seller getting hold of a worthy property is a difficult task. Usually, Orlando Reid Southwest London and central London estate agents help hunt for the right property coming along the budget constraints.
LOW MORTGAGE RATES
The fixed loan mortgage rates are low despite the slight rise in its price in the last year. These rates have sustained for a while now and will continue for some more time but wouldn’t stay the same later. Making use of this opportunity will come in use while applying for mortgages before the price escalates.
CHANCES OF FLUCTUATION IN PROPERTY PRICES IN 2021
With the demand for properties rising invariably across the country, the chances of the prices going up are high. Likewise, rentals’ need has steadily increased where people approach letting agents in Battersea right home that matches their requirements. Although, there will be no changes in the property cost anytime soon. A unique pricing difference will occur where the property rates will face a dip in the urban regions while there could be an increase in countryside residences. Shifting homes for better amenities or downsizing will save you money, attractive mortgage rates lure people to pick and buy a property these days, but no one knows the future mortgage rates in the coming years. So it’s always good to consider all angles to property investment and make the right choice because buying property is your most significant milestone achieved. This is where Orlando Reid Southwest London and Central London estate agents can help you through the home buying or renting journey.