For many years, the prospect of the UK’s exit from the European Union has posed questions about the future of the UK property market. Many have understandably been concerned about future house price growth and the overall ability of the market to cope with a significant economic change.
However, it has become clear that even Brexit cannot shake the UK housing market. The fundamentals are strong – people will always need to move house, and that constant demand will ensure prices continue to rise. While the stream of announcements about Brexit has slowed recently, the good news continues for the housing market.
There is no hiding that both Brexit, followed by the Coronavirus crisis, produced a short-term fall in property values, but the real story is how they have already bounced back and what that means for the next few years.
Every indication shows that the housing market is on a firmly upward trajectory. A recent Market Survey from RICS demonstrates this, with sales up 21%, instructions up 19% and buyer demand up by nearly a quarter.
Similarly, Rightmove reports this month that the price od properties coming to market has increase by an average of 1.9% across the county. The property portal also notes that supply is starting to recover, with Miles Shipside, Rightmove director and housing market analyst saying: “Following the initial shock of the early reopening of the housing market, England is getting moving again with a boom in traffic on Rightmove. There are no signs of panic selling or even a price dip.
“On this evidence buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards.”
And now, the latest research from Savills has confirmed that we will see huge rises in property values in the next four years.
By 2024, we are projected to see the average house price increase by 15.1% across the country – though it goes without saying that areas like the North West (24.1%) and the West Midlands (18.3%) will see growth at notably higher levels.
This consolidates the case for the aforementioned regions being the best places to buy property in the UK for those interested in strong future capital appreciation. By purchasing off-plan property in cities like Manchester or Birmingham, you are giving yourself the best chance possible to lock in substantial future earnings.
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