Deposits are up
Since the Brexit vote, the average deposit for buying a property has gone up across the country to £32,000, meaning it has double over the course of the last decade. In London, it is significantly higher with deposits often more than £100,000!
‘What does this mean for me?’:Obviously, many people will struggle to meet these higher deposit prices. Therefore, trying to sell your property via an estate agent may mean a much longer waiting time to get a sale, as estate agents will generally not want to budge on these high-end deposits and are happy to wait until someone comes along who can afford it. You may not have that time or want to wait that long.
House prices for first-time buys are up
Average house prices have also gone up. Around the UK, first-time buyers are generally spending upwards of £200,000 on properties, or over £400,000 in London.
This is good news for those trying to sell their house In London.
‘What does this mean for me?’: Getting on the property ladder is now even more expensive than before, so the number of people who can afford to do so, especially at these prices, will undoubtedly be fewer. However, this is something you can definitely use to your advantage – selling your property through a company like UK Homebuyers will allow you to make a handsome profit whilst avoiding hefty agent fees, even if you sell for slightly below its current market value.
Prices in London predicted to drop
Despite prices rising over the past few years, especially for first-time buyers, house prices in London have actually begun to fall in recent months, and are predicted to drop by as much as 10% this year. Though this is not as low as previously thought (18%) it still shows a significant downward turn in the London market.
‘What does this mean for me?’: If you are trying to sell a London property, this may seem like a very worrying development, especially if you are selling via an estate agent who maybe be happy to bide their time and take the risk of the property’s value plummeting. However, selling through UK Homebuyers would allow you to make a quick sale now, while the market is still in a decent state, so that you can get ahead of the drop and save yourself from a potentially massive loss.
Overall good recovery since Brexit
While the market in London looks shakey, around the country it would appear that property values are enjoying a period of recovery since the Brexit vote. Though not as good as before the financial crash a decade ago, the market is still better now than many predicted it would be.
‘What does this mean for me?’: Thankfully it seems there is no need to panic, at least not on the property-selling front! Indeed, you might be able to capitalise on this should you choose to sell your property soon – people might want to invest now in case the recovery continues and house prices continue to rise. Again, nothing is certain, and leaving it to an estate agent might mean you lose your current advantage.
Higher demand for properties
There is currently a higher demand for houses than there are houses available! Across the country, there are people looking to buy who are unable to find the kind of property they are looking for, with estate agents’ books apparently at a record now in terms of numbers of properties they have available to sell.
What does this mean for me?This is the perfect time to capitalise on this heightened demand for property! Get in touch with UK Homebuyers – we have highly detailed knowledge of housing markets across the country, and can give you a detailed summary of the current demand in your area and what you could be selling your property for, without the need to involve estate agents. Far from this being a difficult time to sell – in many ways, it’s never been better!