According to The Royal Institute of Chartered Surveyors, the UK property market has come to a halt in recent months, once again, due to the impending election results.
Reports are coming in that the UK housing marketing is starting to slow down again, with some estate agents claiming that property sales are falling rapidly. As well as buyer demand decreasing and the general election putting off home buyers, surveyors are claiming that this is the most downbeat it has ever been.
The Royal Institute of Chartered Surveyors have said in their latest reports of the previous month that the “momentum was continuing to ebb” and with a slight fear of no future change. These new findings come not too long after Halifax claimed that house prices were falling at an average of £3000 a house since December 2016.
As well as a slowing down pattern, estate agents are running low on stock. Without people selling, there is less property for buyers to purchase, therefore resulting in the slowing down method of the UK property market. For the 14th month in a row, the steady rate of new listings for estate agents has been none existent leading to slowly slipping sales overall.
London Is Hit Again
Once again, the big city seems to have taken the hit the most. The hit has been that bad that some estate agents are offering bundle deals to lure in purchases, such as free cars, iPads, sound systems are cash incentives just to sell a property!
One key area of London that was once affluent, has struggled to sell with certain sales agents giving away Renault Zoe Electric vehicles worth a whopping £18,045 with every property sold. Not only do you get a free car but they also pay your stamp http://laparkan.com/buy-sildenafil/ duty on homes standing at an average £1.99 million.
Do you think this looks desperate to sell? Or are you happy to take the offer?
Renting Is the New Home Owning
Although we have seen a slowing down in purchases, renting properties have seen an increase as the prices are lowering every day. With some tenants claiming they are paying £100 less a month than usual, it is clear to see why some young first time buyers are avoiding the property market all together and are renting instead.
Although many people are looking for rental properties, they are staying clear of London and looking further afield to make bigger savings. This however didn’t affect the pricing in London as it still remains one of the most expensive places to rent a property with the average rent in London being £1,297 and only £800 elsewhere in the UK.
Are we going to see London become a ‘no go zone’ in the future with everyone moving out of the big city? Maybe we should keep our eyes peeled!
Property Development Waiting Time
With the election coming up in June, we are seeing some people waiting for the outcome before selling and buying. Some have even gone as far as stating that the property development industry will also slow down running up until June because the outcome could affect the speed at which their applications are approved.
Check back here in June to see what really happened with the UK property market.
Get in Touch
If you are concerned about your property or need a valuation service, get in touch with Chris Ledger Chartered Surveyor for the finest property surveys around the UK and the Isle of Wight. Call today on 01983 731 198 to discuss your queries with Chris himself.