Slowing Housing Market Creates Flat Summer Property Market
June 30, 2017
June 30, 2017
According to the Royal Institution of Chartered Surveyors (RICS), slowing momentum and stagnant demand in the housing market has lead to a “fairly flat” summer for property. This comes after it was reported that the number of agreed sales and new instructions declined in April and the level of inquiries was flat in March.
The number of properties now on estate agents’ books is now hovering just above a record low, and this is expected to continue as we approach the summer months. Unfortunately for prospective buyers, this lack of stock means that house prices are continuing to rise, particularly in the east of England where house prices have risen by 5.6% since last year.
Even momentum in the rental market has slowed! Recently, rent in London fell by £100 for the first time since 2009.
In it’s report, RICS said this decline in the housing market is due to this lack of supply and slow momentum as well as the uncertainty caused by the latest General Election.
So what does this mean for potential homeowners?
For those looking to settle down in 2017, the rising house prices can make it seem difficult to see yourself ever moving into your first house. But there is a little bit of hope for new homeowners and existing owners!
In fact, it is new buyers who are driving increases in the housing market. For example, in 2016 the number of first-time buyers rose by 339,000 joining the property ladder.
To encourage an increase in the housing market from existing homeowners, banks are also offering homeowners cheaper loans so they can save money when they get a new mortgage and a lower interest rate.
If you’re interested in getting on the property ladder, or maybe even changing your mortgage, the team at Bespoke Support Network can put you in touch with a mortgage advisor Essex.
Bespoke Support Network Essex have access to thousands of experts across the UK covering all aspects of housing and more, including business advice and writing your will.