Understanding LISA interest rates: a comprehensive guide
Understanding LISA interest rates is crucial for individuals looking to make informed d...
Hopeful first-time buyers — or those renting as a stopgap having already sold — may be observing falling UK house prices with glee as they plan to swoop in and bag a bargain. In fact, house prices are now rising more slowly than income. The latest Nationwide house price index revealed that annual house price growth in October was the lowest since May 2013.
Around 38% of properties for sale were reduced in price in October after being listed — an increase of 5.45% from April, according to Zoopla data. Many estate agents blame uncertainty of Brexit for the price reductions. The overvaluation of properties and the lack of affordability are also big problems.
So what’s the best way to approach buying property in the current market? While it’s a buyers’ market, you still need to do some detective work to find the best bargains. The Zoopla research says the biggest discounts are to be found in Bradford, Mitcham (Surrey), Newcastle, Doncaster, Bolton and London – in that order. But that doesn’t mean there aren’t bargains elsewhere. Here’s what you need to know:
Many would-be buyers might be (understandably) wondering: should I wait until after Brexit to buy property? No one knows what’s going to happen and if the time is right for you to buy now then by all means start your search.
However, you should weigh up the fact that house prices have been declining and could continue to fall during 2019. Just like the stock market, the experts all agree that trying to time the market is near impossible — and perhaps foolish. It’s more about individual circumstances. If you find the right home and the numbers add up, then it’s worth considering. After all, it’s a home as much as it is an investment.
Hobbit house, Iceland. Photo by Tj Holowaychuk on Unsplash