Understanding the UK property market is not rocket science, but it does take a fair amount of research and knowledge. First, let’s put things into perspective. When a market survey or a market expert suggests that the average price of a property in the UK has risen by 10 percent, it does not mean that the price of every property on the market has increased by 10 percent. So, the most important thing that buyers and sellers need to keep in mind while attempting to understand the property market is that local factors such as the local demand and supply, the average price of properties in the neighborhood, and the local market trends will play a huge role in determining the price of a property.
Hence, to really understand the property market, it is important to study the UK property market as a whole as well as the local property market according to estate agents in Doncaster. Here are some factors that impact the property market in the UK.
If you put your property on the market and there are a handful of similar properties in the area, then you as a seller have the advantage. However, if you put your property on the market and there are already multiple such properties on the market then you need to set a competitive asking price. Understanding price fluctuations and price trends are vital to understanding the UK property market.
Two properties in the same neighborhood can be priced differently due to their location. For instance, properties on a certain street that are closer to a park or a school could have a higher value. Similarly, properties that are close to traffic hubs or ones that may be close to a train station could be valued at a lower price. So, it is important to understand that the location of a property will play a big role in determining the value of that property.
Demand and supply
A simple rule of economics, the demand and supply of a good will determine the price of the good. So, when the demand is high and the supply is low, property prices will rise. On the other hand, when the demand is low and the supply is high, then sellers will have to lower their prices to match a buyer’s offer.
When the rate of inflation is on the rise, the rate of interest starts rising too which makes it more expensive to purchase property. Similarly, when the government announces tax breaks such as the Stamp Duty Holiday, then the buyer demand increases. The economic situation of the country directly impacts the property market. So, the ongoing economic situation should help buyers and sellers understand the UK property market better.
With multiple factors at play, how are buyers supposed to find the right property at the right time? Here is a small guide to finding the right property in the UK while keeping a dynamic property market in mind.
Look at properties online
Most estate agents and sellers list their property online, so buyers can now look at potential properties from the comfort of their homes. These online property portals allow users to narrow their search using filters such as the number of bedrooms, the number of bathrooms, the size of the property, the location, the neighborhood and other such criteria which help make the process easier for buyers.
Hire an estate agent
Estate agents usually have good knowledge about the local market trends as well as the current property prices. An estate agent will be able to help you find the kind of property you are looking for based on your needs, your requirements and your budget. The estate agent can also help negotiate a deal which is suitable for both the buyer and the seller.
Choose the right area
It is very important to invest in a property in the right area. While the property market in some areas in the UK may be saturated, there are various upcoming areas in the UK such as Leeds, Manchester, Birmingham and Derby. Investing in properties in upcoming and developing areas will ensure that the value of the asset increases in the future and that you earn a decent return on investment.
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