UK Housing Market – when and where to buy

The UK housing market went through a very tough time during the first year of the pandemic, people trying to buy had some ridiculous hoops to jump through in addition to the usual legalities.

Even getting a surveyor out to do a structural report was a huge task, with many vulnerable or older people, or those with close contact to people with weakened immune systems it was extremely complicated, not to mention people wishing to view properties having to wear masks, leave windows open, disinfect door handles, light switches and so on. Many house surveyors Birmingham offered were overloaded with work and held back with coronavirus lock down rules.

Many sales fell through or took many months longer to complete, during a time where mortgages were already taking a lot longer to process.

However that lock-down period did create a hunger for people to buy, move, invest when things started to open up again and the housing market is now going through a book period. The BBC recently reported that UK House prices are up 12% but rises expected to slow. This was from a Nationwide survey.

It is a very unstable time to buy however, whilst the pandemic is gradually subsiding, the overall cost of living is increasing dramatically. The Ukraine war is also leading to much higher fuel costs, as well as Brexit taking an effect on the economy.

This is why it’s so important to ensure you get the best mortgage when considering buying a new property, whether it is to rent or live. Many people now use online mortgage calculators when figuring your loan, making it a quick and easy way to calculate your payments to a lender.

Areas of the UK which are good buys to try and buck the inevitable slow in house prices are those with big developments in the pipeline or which are under way already and estate agents such as Garrett Whitelock are always worth signing up to maing sure you don’t miss out on any potential bargains.

Whilst London is a saturated market, areas such as the West Midlands and Birmingham in particular, offer the prospect of a good return on your money, with HS2 currently under construction, and major international athletics taking place in 2022 leading to large scale regeneration, there are many high profile quality developments which are taking shape leading to people from the South East moving to the region for work and to live.

Manchester is also a hot spot with many new sky scrapers and a variety of employment opportunities in the media and engineering.

Cornwall is also a popular choice, although prices in the South West are exceptionally high due to many people retiring and also buying second homes and holiday homes.

Whatever you choose, do your research and have fun looking, there are still many bargains out there.