What’s happening in the UK property market?
After two years of high market activity, you’d be forgiven for thinking the tide is ready to turn.
But despite burgeoning constraints on household finances, the buying frenzy continues, with properties still selling at almost record speeds nationwide.*
But what’s driving this situation? The leading cause appears to be a general lack of supply. From delays brought about by the pandemic to a shortage of new homes across the UK, the supply-demand ratio is proving difficult to balance.
Low interest rates and rising inflation also mean that buyers hope to reduce their potential mortgage debt. This combination of factors has contributed to UK house prices increasing by 9.8% between March 2021 and 2022 – adding £24,000 to the average value.**
The market is still strong as we move into the summer months – and will most likely remain so for the foreseeable future.
Do you know how much your home is worth right now? If you’re thinking of selling, book a valuation with us today.
*Home.co.uk.
**UK House Price Index
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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