The property market is notoriously unpredictable. However, some of those working in the industry believe there is reason to feel optimistic, with some agents believing a 15% rise in property prices over the next five years is a real possibility.
With the country facing an election and the date and details of Brexit still unclear, others believe it is impossible to predict and any bounce that does happen, won’t be until 2021.
Brexit is being blamed for the current lull in the market and so when this unstable period is over and eventually resolved, the market could see a rise in activity with homeowners who have been waiting to see what happens, finally feeling confident enough to plan for the future and invest.
The reason for the confidence in the future of the market is based on economic forecasts and predictions, as well as the UK leaving the EU. If however, the uncertainty continues, it may continue to affect the housing market and prolong the current stagnation, which will result in a lack of buyer confidence.
Home buyers survey
For potential home owners considering a home buyers survey Northampton and other locations have specialists such as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Northampton who can help put their minds at rest.
This can highlight any potential problems with a property, as well as be used to negotiate a more competitive price. The cost of a survey will be based on the size of the property and should always be carried out by a qualified professional who has experience in the location in which you are buying.
There are already signs of growth in the country’s Capital London with prices growing one per cent year on year in October. The reason for this is buyer demand and a shortage of properties coming on to the market.
Whatever the future holds for the country, people will always need to move home and the property market will adapt to the demands of those wishing to buy and sell. It is also hoped that Government incentives to help first time buyers access the housing market will be introduced. So while some may feel it is too soon to predict a bounce, others are feeling positive and hoping that by 2021 the market will be back on its feet.