Amid current UK-wide uncertainty affecting the decision to buy or sell a home, we’re taking a look at what’s forecast to take place across the property market in 2019 and what that means for you.
Great opportunities for buyers at present
For those looking to get on the property ladder, the current climate could actually be the perfect time to find your ideal home at a good price. This is Money recently reported that some areas of the UK are seeing a resurgence of interest amongst buyers, with first-time buyers and new builds at the forefront of the moment. Moreover, with stamp duty breaks on the first £300,000 of a property purchase, it’s still a good time to be a first-time buyer.
Regional divides in house price growth
A big consideration for anyone looking to buy or sell property is undoubtedly the value of houses in their respective region. It’s good news for areas in the Midlands and north of England, as cities such as Birmingham, Manchester and Leicester have seen significant growth since 2016.
Despite slowing growth in the value of property further south, particularly in areas of central London, the majority of property experts predict growth to continue, albeit at a decelerating pace than the regions have previously enjoyed, as opposed to stagnating or falling altogether.
Will 100% mortgage loans be the new norm?
With news of Britain’s biggest lender, Lloyds Bank, unveiling 100% mortgages for first-time buyers, we are expecting to see competing lenders reveal similar helping hand schemes in a bid to expand into the first-time buyer’s market. Whilst the Lloyds loan comes with the catch of requiring family members to be able to support the buyer by depositing 10% of the property value into a Lloyds saving account, it’s a positive sign of better commitment from lenders for the first-time buyer.
It’s not all doom and gloom for prospective sellers
Despite hesitation amongst mainstream buyers and sellers, property experts have forecast slight growth for UK house prices in 2019, bolstered by the stronger rise in the north, although there is a risk that low consumer confidence and household spending may impact overall property demand. This means that it’s not all bad news for those thinking of putting their home on the market later this year.
If uncertainty around the current environment and property market has left you feeling confused, get in touch with our Residential Sales team and we’ll be happy to advise you on the current outlook on the property market within the south.